Bitcoin falls below $63,000 as risk assets sell off and the week's bounce fades
Key takeaways
- The largest token traded around $62,700, down 1.9% over 24 hours and 1.3% on the week, per CoinDesk data, dropping toward the lower edge of the range it has held for nearly two weeks.
- Bitcoin is sitting near the floor of its recent range, and a failure to bounce would suggest the recovery has run its course.
- The pressure came from a wider retreat in markets.
The largest token traded around $62,700, down 1.9% over 24 hours and 1.3% on the week, per CoinDesk data, dropping toward the lower edge of the range it has held for nearly two weeks. The selling was broad, with ether falling 2.3% to $1,695, XRP dropped 3.2% to $1.13, solana lost 3.2% to $69 and BNB fell 2.7%. Hyperliquid's HYPE slid 3.7% on the day but remains the week's best major performer, up 13.2%. Tron was the only one to hold flat.
The level matters to chart watchers. Bitcoin is sitting near the floor of its recent range, and a failure to bounce would suggest the recovery has run its course. A break below the $59,000 to $60,000 lows set earlier this month would mark a deeper phase of the sell-off, with some traders pointing to $45,000 as the next downside target.
The pressure came from a wider retreat in markets. Global equities slipped in holiday-thinned trading, with US, Chinese, Hong Kong and Taiwanese markets closed, and a gauge of Asian shares falling 0.6% after a five-day run to record highs. Brent crude traded around $79 a barrel, down about 9% on the week, as shipping through the Strait of Hormuz returned to normal under the signed US-Iran deal and eased what had been a historic supply shock.