Bitcoin News: BTC USD Just Hit Its Lowest Level Since February

Bitcoin price dropped 5.5% to $61,322 in early trading today — its lowest level since February 6 — before clawing back above $64,000 by afternoon and settling near $63,300. The move completes a full round-trip, erasing every basis point of the rally that Middle East conflict headlines had built into BTC pricing over the prior three months. Nothing says "store of value" like a 5.5% gap down before lunch.

BREAKING: Bitcoin's selloff accelerates, dropping below $63,000 for the first time since February 24th. Over $1.1 billion worth of levered crypto positions have been liquidated over the past 24 hours. pic.twitter.com/lgko3fP25s — The Kobeissi Letter (@KobeissiLetter) June 4, 2026

The erasure of that geopolitical premium matters beyond the price level itself. It is a live stress test of the digital gold narrative, and the test results, again, are not flattering. Bitcoin did not hold value during renewed Middle East tensions. It sold off with risk assets and then bounced with them. That is a risk-asset behavioral pattern, not a haven one — no matter how many hopium threads insist otherwise.

Bitcoin News: BTC Support at $60,000–$65,000 Is the Line That Matters Now

Data BTC's current critical support zone is between $60,000 and $65,000, and the price is sitting directly inside it. More specifically, BTC has slipped below the Short-Term Holder Realized Price, the average cost basis for recent buyers, which historically functions as a pivot between bullish continuation and deeper mean-reversion. Breaking cleanly below $61,000 on a closing basis opens the next structural level near $58,000.

The chart structure is damaged but not broken — the technical analyst's version of "it could be worse." The 20-day moving average was breached on the way down, a clean technical flush that coincided with the $1.85 billion liquidation event that tore through leveraged long positions.

Institutional inflow via spot ETFs, which drove aggressive net buying earlier in 2026, has shifted into a two-way flow; several days of net outflows now punctuate what was a one-directional accumulation story. If BTC holds the $61,000 to $62,000 zone, funding rates reset negative, and short-term holders stabilize, a relief rally toward $68,000 sets up. If the macro catalyst fails to arrive, Bitcoin consolidates between $62,000 and $65,000 while the market wait