Bitcoin: Hits $59,000 Cycle Low After $2.2T Wipeout

Bitcoin has crashed to a new cycle low near $59,000, erasing $2.2 trillion from the crypto market since the October 2025 peak of $4.27 trillion.

The total market cap now sits at $2.02 trillion after an eight-month decline triggered by tariff shocks, Fed policy shifts and geopolitical escalation. Ethereum fell 67% from its October high while altcoins outside the top two lost $538 billion, or 45%.

Timeline of the Decline

Key events include the October 10 liquidation cascade, Kevin Warsh’s nomination as Fed Chair, the February tariff hike, the 2026 Iran conflict and Strategy’s first BTC sale in May. Warsh’s hawkish June FOMC meeting capped the rout.

Price action on the 4-hour chart shows BTC at $59816.41 inside a bearish structure with EMA50 at $63481.48 and EMA200 at $67930.38 acting as overhead resistance. RSI at 23.23 signals deep oversold conditions while MACD at -752.24 confirms the death cross. The pair is pressing the lower Bollinger Band support at $60495.87, suggesting volatility exhaustion may precede any relief rally toward the $65853.9 upper band.