Bitcoin selloff continues as prices slide below $63,000 for the first time since February
CoinDesk • • business
Key Points:
- Bitcoin fell to $63,000 on Thursday, marking its lowest level since February 24, with a weekly loss of over 14% and a 21% decline in the past month.
- The selloff has increased demand for protective options, pushing the 30-day implied volatility index (BVIV) to 53.17, its highest since April 2.
- U.S.-listed spot ETFs experienced $50 million in outflows on Wednesday, continuing a 13-day streak of institutional withdrawals.
- Analysts suggest the selloff may continue due to speculative news and shifting liquidity towards other tech sectors like AI, with some viewing $50,000 as a potential bottom.
- Traders are monitoring the $60,000 level closely, noting it aligns with key technical indicators such as the 200-week moving average, though support at this level is not guaranteed.