Bitcoin dropped to $ 62,700 in a flash

Bitcoin BTC $74,341.72 Mezo Wrapped BTC -0.10% Market capitalization $42.97 million VOL. 24 hours $1.9 billion continues to fall, dropping below $ 63,000 and hitting a low of $ 62,700. The total decline for the month is about 29%, which increases investors' concerns about macroeconomic risks and geopolitical instability.

Trading activity increased by 25%, and capital outflows from investment products increased pressure on the market. According to Farside Investors, $ 203.8 million was withdrawn from bitcoin ETFs in just one day, which offset the positive effect of another purchase of BTC by MicroStrategy.

Technical indicators point to a critical support level of $ 60,000. It was from this level that the price rebounded after the February 5 collapse. Analysts warn that in case of further pressure from the bears, the price may fall to $ 50,000.

The charts show the formation of a bearish crossroads — the 50-week moving average is approaching the intersection with the 100-week moving average. Historically, after such signals, the market has found a bottom and moved on to recovery. At the same time, current conditions remain oversold, which could be a catalyst for a short-term rebound.

At the time of publication, BTC was trading at $ 63,030, down 2.4% on the day and 7% from last week’s peak of $ 68,000. The key level for recovery remains $ 70,000: its breakthrough could trigger a new wave of growth, but this requires a return of demand in the spot market and more active participation of institutional investors.