Bitcoin makes first sub-$60K close since Q3 2024 as tech stocks enter ‘deep bear market’

Bitcoin closed below $60,000 on March 12, 2024, marking its first sub-$60K close since the third quarter of 2024. This price decline occurred amidst a broader sell-off in technology stocks, which entered what analysts are calling a "deep bear market." The weakness in Bitcoin's price is attributed in part to the negative sentiment spilling over from the tech sector, with the cryptocurrency facing the risk of the $60,000 level becoming a significant resistance point. Asian stock markets experienced a notable tech-driven sell-off, contributing to the downward pressure on Bitcoin. This confluence of factors suggests a challenging period for digital assets as they are influenced by traditional market movements, particularly within the technology industry.