Bitcoin Dips Below $63,000 for First Time 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.

The post Bitcoin Dips Below $63,000 for First Time Since 2024 appeared first on Coindoo.