Bitcoin slides beneath $63,000 as analysts examine the abrupt market shift

crypthub

about 7 hours ago

Market Break and Immediate Impact

Bitcoin fell below $63,000 to $62,993, sparking $42 billion of 24‑hour volume and $280 million in leveraged long liquidations. The slide erased three weeks of gains and cut the crypto market cap by 3.2 %. Thin order‑book depth amplified the drop, while on‑chain data showed modest coin transfers to exchanges.

Underlying Drivers

The dip aligns with rising Fed rate expectations, a stronger U.S. dollar, and new stablecoin regulatory scrutiny. Outflows from U.S. Bitcoin ETFs stripped institutional buying power, and put/call ratios rose, indicating hedging. Miner hash‑rate remains near all‑time highs, showing network stability.

Outlook and Key Levels

Key support sits at $60,000, with $58,200 (realized price) and $55,000 (200‑day MA) as deeper levels. The 50‑day moving average near $64,500 now acts as resistance, and a SOPR reset could precede stabilization. Ongoing on‑chain accumulation or exchange inflows will guide the next move.