--- title: "Bitcoin Slides Toward $59K as Dollar Index Hits 13-Month High" description: "Bitcoin fell to about $59,060 on Wednesday as the U.S. dollar index climbed to its strongest level in 13 months, pressuring crypto alongside gold and oil in a broad move out of risk assets." category: "Crypto" category_url: https://boursel.com/category/crypto author: "Kenji Nakamura" published: 2026-06-24T21:18:00.000Z updated: 2026-06-24T21:18:00.000Z canonical: https://boursel.com/article/bitcoin-slides-toward-59k-as-dollar-index-hits-13-month-high tags: ["bitcoin", "dollar", "dxy", "crypto-markets", "macro"] --- # Bitcoin Slides Toward $59K as Dollar Index Hits 13-Month High Bitcoin fell to about $59,060 on Wednesday as the U.S. dollar index climbed to its strongest level in 13 months, pressuring crypto alongside gold and oil in a broad move out of risk assets. Bitcoin slipped to roughly $59,060 on Wednesday before steadying near $60,000, as a sharp rally in the U.S. dollar pulled money out of riskier assets across the board, [according to Cointelegraph](https://cointelegraph.com/markets/bitcoin-nearly-loses-59k-as-dxy-surges-are-traders-bracing-for-more-pain). The slide left the largest cryptocurrency down several percent from the prior day, when it had closed above $62,000. The selling was not confined to crypto. Gold dropped below $4,000 an ounce for the first time in seven months and Brent crude oil fell under $74 a barrel, [Cointelegraph reported](https://cointelegraph.com/markets/bitcoin-nearly-loses-59k-as-dxy-surges-are-traders-bracing-for-more-pain). The thread connecting all three was a stronger greenback. ## What the dollar index is — and why it weighs on bitcoin The U.S. Dollar Index, known by its ticker DXY, measures the dollar against a basket of six major currencies, including the euro, Japanese yen and British pound. When the index rises, it means the dollar is buying more of those currencies. On Wednesday the DXY reached its highest level in 13 months, [Cointelegraph said](https://cointelegraph.com/markets/bitcoin-nearly-loses-59k-as-dxy-surges-are-traders-bracing-for-more-pain). A rising dollar tends to weigh on bitcoin for two connected reasons. Because bitcoin is priced in dollars, a stronger greenback makes it more expensive for buyers holding other currencies. And a climbing dollar usually signals that investors are rotating toward cash and U.S. government bonds — a "risk-off" shift that drains money from speculative assets, crypto among them. That dynamic also cuts against a popular argument for owning bitcoin. The so-called "debasement trade" — the idea that bitcoin and gold are hedges against an eroding dollar — loses its appeal when the dollar is the thing that is strengthening. On Wednesday, both assets fell together. ## What traders are watching The $60,000 level has become the immediate marker. Analysts cited by Cointelegraph said further declines from the $59,000 area could not be ruled out, while noting that the quick bounce back toward $60,000 suggested some buyers were defending the zone. Macro signals added to the caution. A drop in new U.S. unemployment claims reinforced expectations that the Federal Reserve will keep policy relatively tight, which supports the dollar and works against risk assets. Cointelegraph also noted that the U.S. M2 money supply — a broad measure of cash and easily accessible deposits — rose to $23.05 trillion in May from $22.8 trillion the prior month, an expansion that bitcoin supporters often cite as a long-run tailwind even as the near-term dollar move dominates. On the corporate side, the software company [MicroStrategy added just 520 bitcoin](https://cointelegraph.com/markets/bitcoin-nearly-loses-59k-as-dxy-surges-are-traders-bracing-for-more-pain) in the week ending June 21 — its smallest weekly purchase in 18 months, according to Cointelegraph. The firm, one of the largest corporate holders of the asset, has been a steady buyer, so a slowdown in its accumulation is the kind of signal traders watch closely. ## The bigger picture Bitcoin reached an all-time high above $126,000 in October 2025, [per CoinGecko data](https://www.coingecko.com/en/coins/bitcoin), which puts Wednesday's intraday low more than 50% below that peak. The market has been grinding lower through the second half of June, with rally attempts repeatedly stalling below $65,000. None of this points to a single, predictable outcome — markets rarely do. What it shows is that, for now, the dollar is in the driver's seat. Whether $59,000 holds as a floor or gives way is likely to depend less on anything specific to crypto and more on where the DXY and the Federal Reserve go next. ## Sources - [Bitcoin nearly loses $59K as DXY surges: Are traders bracing for more pain?](https://cointelegraph.com/markets/bitcoin-nearly-loses-59k-as-dxy-surges-are-traders-bracing-for-more-pain) - [Bitcoin price and market data](https://www.coingecko.com/en/coins/bitcoin)