Bitcoin is trading near $62,920, marking its first sustained move below the $63,000 threshold since 2024.
The breakdown follows a sharp multi-day decline that accelerated on February 24, pushing BTC to an intraday low near $62,700.
The move places price at a structurally important zone after weeks of sideways trade above $66,000, shifting the short-term structure from consolidation to active breakdown.
Short-Term Price Action: Breakdown Below $63K
On the 45-minute Binance chart, BTC shows a decisive rejection from the $67,500–$68,500 region before cascading lower.
Key visible levels:
- Immediate support: $62,900–$63,000
- Next major support: $60,000
- Near-term resistance: $65,000
- Higher resistance: $67,500
Volume expanded noticeably during the selloff, confirming distribution rather than a low-liquidity drift. The breakdown below $63,000 represents structural weakness because that level had previously acted as short-term support during the recent range.
If price fails to reclaim $65,000 quickly, the structure favors continued pressure toward $60,000. A sustained move below $60,000 would open the path toward the mid-$50,000 region.
Market Conditions: Fear and Elevated Volatility
Broader indicators reflect stress:
- Volatility: 10.68% (Very High)
- Fear & Greed Index: 8 (Extreme Fear)
- 14-Day RSI: 32.62 (Neutral, approaching oversold)
- 50-Day SMA: $81,057
- 200-Day SMA: $98,983
BTC now trades significantly below both its 50-day and 200-day moving averages, confirming a medium-term downtrend structure.
The 30-day performance shows only 12 green days out of 30 (40%), reinforcing short-term weakness.
Macro Drivers Behind the Selloff
The decline aligns with broader risk-off sentiment across global markets.
Primary catalysts include:
- Renewed U.S. tariff tensions, including proposed temporary 15% import tariffs
- Escalating geopolitical risks in the Middle East
- Weakness in major technology stocks, which triggered broader pressure in AI-related and digital assets
These factors collectively pushed capital toward traditional safe-haven assets such as gold, while crypto markets saw approximately $368 million in liquidations, intensifying downside volatility.
Scenarios Ahead
Bearish continuation scenario:
- Price remains below $65,000
- $60,000 fails to hold
- Extension toward mid-to-low $50,000 region
Stabilization scenario:
- BTC reclaims $65,000 with volume support
- Selling pressure subsides
- Consolidation forms above $63,000
At present, structure favors caution. The loss of $63,000 shifts momentum negative, and $60,000 now becomes the critical level defining whether this remains a sharp correction or evolves into a deeper retracement phase.
For now, Bitcoin trades in a high-volatility environment marked by extreme fear, with confirmation required before any structural recovery can be assumed.
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Source: https://coindoo.com/bitcoin-dips-below-63000-for-first-time-since-2024/