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Bitcoin’s slide to the $60,000 handle marks the deepest drawdown of the current cycle, with losses now exceeding 52 percent from the October 2025 all-time high and January registering its weakest performance since 2022. The market has decisively lost multiple structural supports, including the short-term holder cost basis, the yearly open, and the True Market Mean, confirming a regime shift from distribution into a sustained downtrend. Unlike prior liquidation-driven sell-offs, the latest leg lower was characterised by persistent, price-agnostic spot selling, culminating in the largest single-day market cap decline in Bitcoin’s history and briefly pushing price to $60,100 before a sharp reflexive bounce.