Bitcoin breaks 90 million won mark amid market pressures

Bitcoin's price has tumbled below the 90 million won ($60,000) threshold, extending a period of weakness in the cryptocurrency market. As of early June 29, 2026, Bitcoin was trading at 89.96 million won on the Bithumb exchange, having briefly dipped to 89.57 million won earlier in the day.

The downturn is attributed to a confluence of negative factors impacting digital assets. Significant outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) are dampening investor sentiment. This is compounded by the Federal Reserve's increasingly hawkish stance under its new chair, Kevin Wash, and a strengthening dollar, which has reached a seven-month high.

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Bitcoin fell below the 90 million won line, continuing its weak trend.

These macroeconomic pressures, coupled with a recent correction in technology stocks, have intensified selling pressure across risk assets. Market analysts suggest that the cryptocurrency market is struggling under the weight of these combined headwinds.

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The cryptocurrency is being weighed down by various negative factors, including outflows from U.S. spot Bitcoin ETFs and a hawkish Federal Reserve.

Projections indicate a challenging second quarter for major cryptocurrencies. Bitcoin is expected to close the quarter with approximately a 12% loss, marking a second consecutive quarter of decline after a steep 22% drop in the first quarter. Ethereum is also forecast to experience a significant downturn, potentially falling around 25% in the second quarter, surpassing Bitcoin's decline.

The market's sentiment is reflected in the 'fear and greed index,' which stands at 18, indicating a state of 'extreme fear.' This low score suggests that investors may be engaging in overselling, a common reaction during periods of intense market apprehension.

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Bitcoin is expected to close the second quarter with a 12% decline.