Bitcoin (CRYPTO: $BTC) fell below $60,000 on Friday for the first time since October 2024, extending a selloff that has pulled the market back toward levels last seen before the post-election rally.

The largest cryptocurrency dropped about 6% around 1615 GMT to roughly $59,771 before trimming part of the decline. It recently traded near $60,147, leaving Bitcoin well below the nearly $110,000 level reached after Donald Trump’s 2024 election win helped revive crypto risk appetite.

The latest break adds pressure to a market already working through weaker momentum, ETF outflows and a sharp reset in bitcoin-treasury stocks. Strategy, the public company most closely tied to corporate Bitcoin accumulation, disclosed this week that it sold 32 BTC between May 26 and May 31 for about $2.5 million. The sale was small against its remaining 843,706 BTC position, but it carried more weight because Strategy has spent years training the market to view it as a one-way accumulator.

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Emma Bernuau, a consultant at Eurosagency, said the amount was minimal but the “symbolic significance is considerable,” noting that investors had generally assumed Strategy would keep adding Bitcoin regardless of market conditions.

That shift has turned Strategy’s (NASDAQ: $MSTR) balance sheet into a cleaner read on broader confidence in the digital-asset treasury trade. The company sold the 32 BTC at an average price of $77,135 per coin, above its reported average purchase price. However, the disclosure still landed as Bitcoin was already losing support and crypto-linked equities were under pressure.

The market is not treating the break as a collapse in Bitcoin’s long-term thesis. Bernuau said long-term holders may view the drawdown as a buying opportunity, while potential U.S. legislative progress could be a tailwind.

For now, the test is simpler: whether Bitcoin can reclaim $60,000 quickly enough to stop a technical breach from becoming a wider confidence problem.

Bitcoin (CRYPTO: BTC) is currently trading at $59,729 U.S. per digital token.