Crypto Bloodbath Deepens As Bitcoin Breaks Down

In Brief

• Bitcoin fell below $63,000 amid heavy selling pressure.
• Most major cryptocurrencies posted sharp losses.
• Traders are watching whether support near $60,000 holds.

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Bitcoin (BTC) extended its sharp decline on June 4, dropping below $63,000 after briefly falling near $61,000 overnight. The latest selloff pushed the asset to its weakest level in around four months and erased another significant chunk of value from the wider crypto market. Most major altcoins followed lower, though a handful of tokens managed to outperform amid the bloodbath.

Bitcoin Struggles Below $63K After Sharp Selloff

Indeed, Bitcoin spent most of the past 24 hours under heavy pressure. According to the latest chart data on June 4, BTC dropped from the mid-$66,000 range to an overnight low near $61,000 before staging a modest recovery. That rebound faded quickly, leaving Bitcoin trading around $62,750 at the time of writing.

*Bitcoin price 24-hour chart. Source:* *CoinGecko*

The move represents a daily decline of approximately 6.7%, according to the market heatmap. The latest drop follows several days of sustained weakness that began after Bitcoin lost support near $70,000 earlier this week.

Altcoins Continue Bleeding As Fear Dominates

The wider market remained firmly in the red.

Ethereum (ETH) traded near $1,750 after falling more than 7% on the day. Solana (SOL) dropped below $70, while BNB slipped toward $594. XRP also struggled despite holding above $1.15, posting a decline of more than 7%.

Cardano (ADA) ranked among the weakest large-cap assets, plunging nearly 14% to around $0.19. Toncoin suffered an even steeper decline of roughly 15%, making it one of the day’s worst performers.

Not every asset moved lower. Monero (XMR) gained about 2.4%, whereas LAB advanced more than 6%, standing out as rare pockets of strength during the selloff.

The latest market heatmap shows red dominating nearly every major cryptocurrency sector. Bitcoin, Ethereum, Solana, Dogecoin (DOGE), Chainlink (LINK), and Stellar (XLM) all posted significant losses.

*Crypto market heatmap. Source:* *Quantify Crypto*

The decline comes as investors remain cautious following recent liquidation events and growing uncertainty across risk assets. With Bitcoin still trading near multi-month lows, traders will likely keep a close eye on whether buyers can defend the $60,000-$62,000 region or if another wave of selling emerges.

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