Bitcoin Plunges Below $60,000 For The Second Straight Day: What Is Going On?

Bitcoin’s drop below $60,000 for a second straight day has put key support at risk, according to Glassnode’s on-chain analysis. The firm highlighted $53,400 as the most likely “floor” if the current bear regime persists. Glassnode says the True Market Mean sits at $77,000, placing BTC firmly in bear territory at current levels. It also reported the Short-Term Holder cost basis has fallen to $71,400, suggesting new buyers are accumulating below the cyclical mean. Meanwhile, a 90-day moving average of Net Realized Profit and Loss remains negative at roughly -$205 million per day, indicating losses still dominate. On the supply side, a dense short-term holder selling cluster between $66,800 and $70,700 caps rebounds. Institutional demand looks weak as US spot ETFs averaged nearly $300 million in daily net outflows, with Grayscale’s GBTC accounting for much of the outflow as more than 16,000 BTC left the fund over 90 days.