Bitcoin's price dropped below $61,000, a decline following its all-time high of nearly $73,800, contributing to the cryptocurrency market's $400 billion loss since the peak. Profit-taking and large outflows from the Grayscale Bitcoin Trust fund are partly responsible for Bitcoin's sell-off. Bitcoin remains up over 120% in the past year due to factors like the launch of Bitcoin ETFs in the US and the upcoming Bitcoin halving event. If Bitcoin falls below $60,000, some analysts say it could weaken to test support around $50,000-$52,000.