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Bitcoin tumbled below $63,000 today, extending a month-long correction and triggering another wave of leveraged liquidations across the crypto market. The move comes as risk appetite deteriorates amid fresh tariff headlines and broader macro uncertainty weighing on speculative assets.
During Asian trading hours, BTC briefly slipped under $63,000 and was last seen hovering just above that level. The coin is down around 7% on the week and is trading near prices last seen in early February, when the market nearly tested $60,000. The decline extends a broader drawdown that has erased nearly half of Bitcoin’s value since its October 2025 peak above $120,000.
The sell-off was amplified in derivatives markets, where crowded long positioning has been building. Over the past 24 hours, forced liquidations across major exchanges reached roughly $370 million to $380 million, with most losses coming from long positions being wiped out as prices accelerated lower.
Recent data cited in the article indicates that in similar sell-offs earlier this year, long liquidations repeatedly accounted for the bulk of more than $600 million in positions flushed from the system, highlighting how fragile highly leveraged bullish bets have become.
Macro developments are adding to the pressure. The article points to renewed trade tensions, including a temporary 15% tariff move by the U.S. administration under President Donald Trump, which has contributed to a broader “risk-off” tone across global markets. It also notes uncertainty around the economic impact of artificial intelligence and tighter policy responses, which has further weighed on confidence in high-beta assets such as Bitcoin.
Sentiment indicators reflect the shift. The Crypto Fear & Greed Index has fallen into “extreme fear” territory, a zone the article says is historically associated with capitulation phases in past cycles. With BTC edging toward the psychologically important $60,000 support, some analysts warn that a decisive break below could open the door to a deeper correction toward the low-$50,000s.
Altcoins are trading lower alongside Bitcoin, though the article describes the move as more orderly. Ethereum is trading around $1,820 to $1,845 today, down roughly 1% to 2% over the last 24 hours, as traders de-risk. It remains far below its all-time high near $4,950, leaving overhead resistance if risk sentiment does not recover.
High-beta layer-1 tokens are also under pressure. Solana is changing hands near $77 to $78, down about 11% on the week and revisiting its early-2024 accumulation zone. Cardano trades close to $0.26 on rising volumes. Combined with the broader market’s 1.6% slide over the past day, the article characterizes the picture as synchronized risk reduction rather than a Bitcoin-only event.
In the coming sessions, traders are focused on whether Bitcoin can hold the $60,000 region, described as the next key battleground between bulls and bears. The article says stabilization in liquidations, a rebound in spot demand, and any easing in macro tensions would be early signs that the current flush may be nearing exhaustion. Conversely, another spike in long wipe-outs could quickly turn today’s decline into a deeper leg lower.
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