Bitcoin has fallen more than 8 percent from its June high, moving into a zone where it is retesting support at $60,000.

Cointelegraph reported on Monday that downside pressure on bitcoin is increasing as a sharp fall in SpaceX shares weakens risk appetite across tech stocks.

SpaceX held an initial public offering in early June at $135 per share. Based on 1,308,000,000 shares, its value was assessed at about $1.77 trillion, and it raised $75.0 billion. Demand surged right after the listing and the shares started around $150 before rising to $211.39 on June 16. That pushed its market capitalisation close to $2.8 trillion. The shares later fell about 27 percent from the peak to around $150, giving back most of the early gains after listing.

The shock spread across tech stocks. Nasdaq 100 futures fell more than 3 percent on Monday, raising the possibility that more than $1.0 trillion in the index’s market value could be wiped out. Semiconductor shares were also weak, with Intel, AMD, Micron and SanDisk among the biggest decliners. That again underscored that when market participants start cutting exposure to overvalued tech stocks and high-growth assets, cryptocurrencies are also likely to face selling pressure in the same direction.

Bitcoin’s price action has also been described as technically unstable. An analyst, Nehal, judged that if bitcoin falls below $62,200 it is highly likely to drop under $60,000. Nehal said a potential head-and-shoulders pattern is appearing on bitcoin’s 4-hour chart, adding technical pressure to the ongoing decline.

On the chart, the left shoulder formed around $64,500 and the head around $67,000. Bitcoin then failed to recover the previous high, formed a lower right shoulder around $65,000 and fell again.

The neckline, seen as the key support zone, lies between $61,000 and $62,000. If a 4-hour candle clearly closes below that zone, it would confirm a bearish pattern and could raise the risk of a deeper fall. In that case, a downside target was given as $55,000 to $56,000.

Still, some view holds that the upward structure has not fully broken down if the $60,000 line holds. As long as bitcoin stays above $60,000, the bullish structure remains valid and the possibility also remains open for a return above $81,000 within the next few months.

Ultimately, the market’s focus is splitting in two. One is how far risk aversion spreads following the plunge in tech stocks. The other is whether bitcoin can hold the $61,000 to $62,000 zone and, further, the $60,000 line. If that support breaks, short-term selling could intensify. If it holds, expectations for a medium-term rebound could revive.