Bitcoin (BTC) extended its slide below $62,000 this week, sinking to a low near $61,255 as relentless selling pressure dragged the market toward deeper support.
Key Points:
- Bitcoin fell under $62,000, its weakest level since February.
- The price trades below $64,000 and the 100 hourly moving average.
- Resistance sits near $63,200, with major support at $61,200 and $60,000.
Bitcoin Price Cracks Support
The token failed to hold above $65,500 and then slipped under $64,000 before printing a fresh low at $61,255. That move pushed the price beneath the 100 hourly simple moving average, where sellers have kept firm control. It now trades below the 23.6% Fibonacci retracement of the steep drop from the $74,070 swing high to the $61,255 low.
More than $1.5 billion in leveraged positions vanished across the market within a single day, with Bitcoin longs taking the brunt of the damage.
A bearish trend line is forming with resistance near $63,200, while immediate support holds at $61,200 ahead of the $60,000 floor.
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Strategy Sale And ETF Exits Bite
Selling pressure built on more than charts in recent sessions. Strategy disclosed its first Bitcoin sale in years, unsettling traders who had long treated the firm as a steady, unwavering buyer. U.S. spot exchange-traded funds compounded the strain, posting a record run of withdrawals that has topped $3 billion and stripped out demand that once cushioned every dip.
The Mt. Gox estate moved a large block of BTC coins on-chain, reviving fears of looming creditor distributions just as broader sentiment turned fragile. Ether (ETH) buckled alongside it, and trader confidence across the market slid deeper into extreme fear.
Presto Research Eyes A Rebound
Analysts at Presto Research tied the slump to stiff competition from gold and artificial intelligence stocks, which have pulled capital away from crypto.
They argued that any recovery may depend on cooling inflation worries and renewed appetite for risk. For now, dip buyers have largely stayed on the sidelines.
Momentum readings back that caution, with the hourly MACD gaining pace in bearish territory while the RSI holds below the 50 level. A daily close back above $64,000 would offer the first real sign that buyers are returning.
Bitcoin's tumble caps a punishing stretch for the market. The coin has shed more than 13% in a week and trades roughly 50% under its October 2025 record near $126,200. The slide has wiped out months of gains and dropped the price below the cost basis some corporate holders paid.
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