[DigitalToday reporter Yoonseo Lee] Bitcoin briefly slid to $59,060 on June 24 (local time), moving back toward its 2026 low range.

Cointelegraph reported that a stronger dollar, outflows from spot bitcoin exchange-traded funds (ETFs) and a slowdown in Strategy’s bitcoin purchases combined to dampen market sentiment.

The market leaned toward the view that any rebound in bitcoin may not last long despite a sharp drop in oil prices. Inflation pressure eased somewhat as the Strait of Hormuz temporarily reopened after the United States and Iran signed a memorandum of understanding, but bitcoin failed to sustain gains after recovering $60,000. Investors were more sensitive to a stronger U.S. dollar environment.

The U.S. dollar strength index rose to its highest level in 13 months against major currencies. Markets are interpreting this as a sign of greater confidence in the U.S. economy. Bitcoin typically tends to move opposite to dollar strength, so the dollar’s rise weighed on prices in the short term.

Traditional safe-haven assets also weakened. Gold fell below $4,000 an ounce for the first time in seven months, and Brent crude dropped below $74 a barrel, near levels seen before the Iran conflict. It was a sign that demand weakened across scarce assets. Concerns about cash flows in tech stocks tied to expanded investment in artificial intelligence (AI) infrastructure lingered in part, but funds still appeared more concentrated in the technology sector.

The interest rate environment was also not favorable for bitcoin. With inflation expected to take time to fall to the Federal Reserve’s 2 percent target, markets are factoring in the possibility that rates will stay higher for longer.

U.S. Labor Department data also showed unemployment benefit claims fell by 4,000 from the previous week, indicating that signs of an economic slowdown were not strong. In that case, preference for fixed-income assets such as bonds could increase.

Liquidity itself had not declined. Data released on June 23 showed U.S. M2 money supply rose to $23.05 trillion in May from $22.8 trillion the previous month. In the short term, market liquidity and bitcoin prices do not move in immediate lockstep, but it confirmed that bitcoin could be pushed down the priority list as funds shift to other asset classes.

Strength in tech stocks was also cited as a headwind for bitcoin. Memory and data storage company Micron posted strong quarterly results on the day, and its stock has jumped 265 percent over the past six months, lifting its market value to $1.16 trillion. Analysts say investors’ focus on tech stocks has reduced the appeal of alternative scarce assets such as bitcoin.

Further pressure on sentiment came from Strategy’s slower buying. Strategy, led by Michael Saylor (마이클 세일러), said it bought an additional 520 BTC in the week ended June 21. That was the lowest weekly purchase in 18 months. Because the market has viewed Strategy’s aggressive buying as a key variable in bitcoin supply and demand, the slower pace added to bearish sentiment.

Heavy net outflows from spot bitcoin ETFs also added to the pressure. Disappointment grew as MSTR traded below the purchase price of its bitcoin reserve holdings, increasing downward pressure on bitcoin. Against this backdrop, the market is watching whether the $59,000 level will serve as a short-term support zone. For now, it remains difficult to rule out a further decline below that level.