Bitcoin fell below $63,000 on Thursday as the selloff in the crypto market deepened.
Summary
- Bitcoin dropped below $63,000 as sellers broke the May range and liquidations crossed $1.1 billion.
- Analysts now watch $60,000, $55,000 and $50,000 as pressure builds across Bitcoin derivatives markets.
- RSI and MACD readings show Bitcoin is deeply oversold, but bearish momentum remains active.
The move pushed BTC to its weakest level since February and extended a sharp decline from its May range.
The drop came as renewed U.S.-Iran tensions weighed on wider risk markets. The Kobeissi Letter said Bitcoin had lost about $400 billion in market value since May 11, while more than $1.6 billion in leveraged crypto positions were liquidated in 24 hours.
Bitcoin price breaks below key May range
Bitcoin had already lost the $72,000 and $68,000 areas before the latest break. The fall below $64,000 and then $63,000 showed that sellers remained in control of the short-term trend.
The price is now trading near the $60,000 to $64,000 psychological zone. This area matters because it sits close to previous demand and could decide whether BTC stabilizes or extends losses toward deeper support.
According to crypto.news market data, Bitcoin traded near $63,753 at press time, down almost 5%, with a 24-hour low around $61,557. The broader drop followed a week of heavy selling that erased about 16% from Bitcoin.
The latest candles showed strong downside pressure. Buyers have not yet built a clear recovery base, and Bitcoin would need to reclaim higher levels before the short-term structure improves.
Liquidations deepen market stress
Derivatives markets added more pressure to the spot decline. More than $1.6 billion in leveraged crypto positions were liquidated over 24 hours, according to Coinglass data.
Liquidations happen when exchanges force traders out of leveraged positions because their collateral no longer covers the trade. In a falling market, this can push prices lower because forced selling adds to normal spot selling.
The leverage wipeout followed a broader shift in sentiment. Risk assets came under pressure as the U.S. and Iran exchanged fresh strikes and ceasefire talks stalled.
Analysts watch $60K, $55K and $50K
Analyst Captain Faibik said Bitcoin was sitting above a major eight-year trendline. “If Bulls defend this level and build a base, we could be witnessing the early stages of another mega bull run,” he wrote.
He also warned that BTC could briefly sweep liquidity around $54,000 to $55,000 before any stronger recovery. That view places the next few weeks as a key period for Bitcoin’s long-term direction.
Ali Charts said the breakdown below $72,000 placed Bitcoin in a vulnerable position. Based on MVRV pricing bands, he said the next major support area sits between $54,000 and $50,000.
CryptoQuant founder Ki Young Ju also pointed to unusual sell pressure. He said Bitcoin investors’ average cost basis sits around $53,000 and argued that the current distribution phase feels like a large change of hands.
Technical indicators remain weak
Bitcoin’s RSI stood at 18.69, placing BTC deep in oversold territory. That shows selling momentum has become extreme, but it does not confirm a reversal by itself.
A stronger recovery signal would require RSI to move back above 30. A later reclaim of the 50 area would show buyers are gaining more control of momentum.
The RSI moving average sat at 35.57, far above the current RSI reading. That gap confirms the speed of the selloff and shows that buyers have not yet closed the momentum difference.
MACD also remained bearish. The MACD line sat near -2,917.77, below the signal line near -1,584.86, while the histogram was negative at about -1,332.92.
Binance volume data confirms selling pressure
Arab Chain said Binance CVD Confirmation Score reached about 0.80, its highest level in four months. The reading came as Bitcoin traded around the mid-$60,000 area during the decline.
CVD, or cumulative volume delta, tracks the balance between buying and selling activity. A high reading during a price drop suggests that selling pressure is backed by actual trading volume.
That matters because it reduces the chance that the latest move came only from thin liquidity. Instead, the data points to active seller participation during the breakdown.
For now, Bitcoin remains oversold but technically bearish. A move back above $64,000 and then $68,700 could ease pressure, while a clean break below $60,000 may turn focus toward $55,000 and $50,000.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
