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Bitcoin struggles near $61K amid tech IPO hype and bearish signals in crypto market

Market News
09 Jun 2026
New York Post
View Source
Bearish
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Bitcoin hovered around $61,000 after a tough week, dropping below $60,000 briefly—the lowest since October 2024 and over 50% down from its all-time high. The sell-off was driven by investors shifting funds to upcoming high-profile tech IPOs like SpaceX and AI companies, alongside concerns over persistent inflation and resilient labor markets. Technical indicators suggest Bitcoin may be entering a bear market, with some institutional investors pulling out of crypto ETFs. Analysts warn that Bitcoin's decline could continue until the tech IPO excitement fades and investment cash flows back to crypto.

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