Bitcoin fell below $63,000 on Thursday as selling pressure intensified across the crypto market. The report said BTC dropped as low as $61,557, its weakest level since February, before trading near $63,753 at press time, down nearly 5% over 24 hours. Since May 11, Bitcoin has lost roughly $400 billion in market value, and the coin is down about 16% over the past week.
The decline came as renewed tensions between the U.S. and Iran weighed on risk assets more broadly. Once the market turned sharply lower, forced liquidations in leveraged positions added another layer of pressure.
Break below the May range puts focus on $60,000
According to the source material, Bitcoin had already lost the $72,000 and $68,000 areas before sliding through $64,000 and then $63,000. That sequence left sellers in control of the short-term structure. Price is now moving inside the $60,000 to $64,000 psychological zone, an area close to earlier demand that could shape the next move.
If buyers reclaim higher levels, near-term structure could improve. If $60,000 breaks cleanly, attention may shift quickly toward $55,000 and $50,000.
More than $1.6 billion liquidated in 24 hours
Coinglass data cited in the article showed that more than $1.6 billion in leveraged crypto positions were liquidated over 24 hours. In a falling market, exchanges force traders out when collateral no longer covers their positions, and that selling can amplify weakness already visible in spot trading.
The article also pointed to volume-backed selling. Arab Chain said Binance’s CVD Confirmation Score climbed to about 0.80, the highest reading in four months. That matters because it suggests the drop was supported by active sell-side volume rather than a move caused only by thin liquidity.
Analysts point to $54,000 to $50,000 as the next support band
Analyst Captain Faibik said Bitcoin was still holding above a major eight-year trendline. In his view, if bulls defend that area and form a base, the market could be in the early stage of another large uptrend. He also warned that BTC may first sweep liquidity around $54,000 to $55,000.
Ali Charts said the break below $72,000 left Bitcoin in a weaker position. Using MVRV pricing bands, he placed the next major support zone between $54,000 and $50,000. CryptoQuant founder Ki Young Ju added that Bitcoin investors’ average cost basis sits near $53,000, describing the current distribution phase as a large change of hands.
RSI is deeply oversold, but MACD still leans bearish
Technical readings in the report showed Bitcoin in oversold territory without a confirmed reversal. RSI stood at 18.69, well below the 30 level often watched for an early recovery signal. Its moving average was around 35.57, a wide gap that reflects the speed of the selloff.
MACD also remained negative. The MACD line was near -2,917.77, below the signal line near -1,584.86, while the histogram was about -1,332.92. For now, the setup remains weak. A move back above $64,000, followed by a reclaim of $68,700, would be needed to ease the pressure described in the report.