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Bitcoin has broken below the critical $63,000 support level, trading at $62,945 late Tuesday after dipping beneath the $63,000 mark.
The move extends a month-long correction in which the world’s largest cryptocurrency has shed nearly 50% of its value since its October 2025 highs.
In an interview with the Charles Schwab Network, John Haar, Managing Director of Swan Bitcoin, addressed the disconnect some investors see between rising institutional adoption and falling prices.
Haar argued that the price action is being driven more by the derivatives market than by spot selling. He said many participants are leveraged and speculative, and that leverage can amplify downside when positions move against them.
“I think a lot of participants in Bitcoin, whether I like it or not—and I don’t like it—they are very leveraged speculative traders. If their bets are not correct in a short period of time, then leverage can cause things to unwind more dramatically and move pretty forcefully.”
He suggested the rapid decline from the $127,000 highs was linked to leveraged players being caught offside and forced liquidations. Despite the current weakness, Haar said he remains bullish on Bitcoin’s long-term trajectory, pointing to “floors” that keep rising.
Haar also compared prior drawdowns, noting that Bitcoin has previously crashed to $16,000 and $3,000 before moving to higher levels, and said that in a few years it could “crash to a higher number.”
Separately, venture capitalist Vinny Lingham warned that the key threshold may sit slightly lower than $63,000. He said the $60,000 level represents the line between a recovery and total market capitulation.
In that scenario, Lingham warned that MicroStrategy (MSTR), the largest corporate holder of Bitcoin, could see its stock price drop below $100.
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