The shockwave from SpaceX's $600 billion wipeout is rattling tech markets — and it's now threatening Bitcoin's crucial $60,000 support level. The aerospace giant's sudden collapse, which erased roughly a third of its valuation in a single session, has triggered a broad risk-off move that's dragging down crypto along with equities. Traders are bracing for a deeper BTC selloff as the contagion spreads.
The $600 billion shock
SpaceX's meltdown this week wasn't just a company story. It was a market event. The sheer size of the loss — $600 billion in market cap vaporized — sent a jolt through every corner of tech finance. Crypto markets, already jittery from regulatory noise and on-chain selling pressure, couldn't escape the downdraft. Bitcoin slid alongside growth stocks, and the mood turned defensive fast.
The timing isn't great. Bitcoin had been testing the $60,000 level for days, and it was already looking shaky. Now that floor is under direct assault from the broader risk-off wave.
Bitcoin's fragile floor
The $60,000 mark has been a psychological and technical anchor for months. Every time BTC dipped near it, buyers stepped in — exchanges saw volume spikes, options open interest clustered there. But a rout of this magnitude is different. It's not crypto-native selling; it's macro-driven fear. And macro-driven fear doesn't respect technical levels the same way.
If $60,000 breaks, there's not much obvious support below until the mid-$50,000s. That's the scenario traders are now gaming out. Some are already moving to hedge with put spreads and downside positions, though volume is still too thin to call it a panic.
What traders are watching
All eyes are on the next few sessions. If equities bounce, crypto could stabilize — but if the selloff in tech names continues, Bitcoin is likely to take another leg down. The key question is whether $60,000 holds on a daily close. If it doesn't, expect stop-losses to cascade and the selloff to accelerate.
There's no catalyst on the calendar that could reverse the mood quickly. No Fed meeting this week, no major exchange listing. The market is simply reacting to the shock. For now, traders are watching the tape and waiting for the dust to settle before making big moves.
