Bitcoin Tests $63,000 as Long-Term Holders Sell at a Loss
TITLE: Bitcoin Tests $63,000 as Long-Term Holders Sell at a Loss
Live market snapshot (at publish): BTC $63,961 (-0.3% 24h) · ETH $1,844.01 (-1.5% 24h)
Bitcoin is testing the $63,000 level, weighed down by a broad retreat from risky assets and persistent selling from long-term holders cashing out at a loss. This decline is part of a larger 47% drop from the record high of $126,080 reached in October, with the current price action driven by a 2% daily decline.
Risk aversion is driving the decline, with global stocks correcting and deleveraging in semiconductor and AI-related assets speeding up. As Daniela Hathorn, senior market analyst at Capital.com, notes, the current situation is "a broader bout of risk aversion rather than a deterioration in crypto-specific fundamentals." This suggests the decline in Bitcoin's price is part of a larger market trend.
The macro pressure on digital assets is significant, with risk appetite cooling down and Bitcoin's price declining to test the $63,000 level. Key levels to watch include the intraday low price of $62,640 and the Put Wall at $64,500, which may indicate the direction of future price movements.
$63,020 Bitcoin price $425 million ETF outflow $181 million ETF inflow $108 million ETF inflow $51 billion ETF total inflow
According to Tim Sun, senior researcher at Hashkey, "the liquidation intensity of long-term holders may have begun to peak," which could indicate a potential bottom for Bitcoin. Sun describes the current situation as "a choppy bottom" for the cryptocurrency, suggesting significant volatility in the near term.
Analysis: If Bitcoin's price holds above the $62,640 intraday low, it may indicate a potential reversal of the current downtrend. A break below this level could signal further declines, potentially targeting the $60,000 level. The $64,500 Put Wall is also crucial, as a break above this level could indicate a shift in market sentiment. Investors should closely watch ETF inflows and outflows for insight into future price movements.