Bitcoin price drop under $63K as tension with Iran cause $1.1B liquidations
Bitcoin price commot under $63,000 on Thursday as sellers break May range and risk sentiment spoil after US-Iran tensions flare up again. BTC drop reach the weakest since February, extending the sharp fall from May high to low.
Derivatives market make the move worse. Liquidations pass $1.1 billion, and over $1.6 billion worth of leveraged crypto positions clear out inside 24 hours, Coinglass talk. Forced selling from leverage unwind normally add pressure to spot prices when market dey fall.
At press time, Bitcoin dey trade near $63,753 (about -5% for the day), after 24-hour low around $61,557. The technical picture still weak: RSI dey extremely oversold (18.69), but MACD still bearish, meaning momentum still pointing down. Analysts dey watch big downside levels at $60,000, then $55,000 and $50,000. Some commentators talk say fit get liquidity sweep near $54K–$55K before any stabilization, but clean break below $60K fit pull BTC to deeper support.
Wider market selloff dey also blamed on large market-cap drawdown (Kobeissi Letter mention roughly $400 billion since May 11) and active seller participation wey show for Binance CVD confirmation metrics.
For traders, short-term focus na volatility around the $60K psychological zone, use rebounds toward $64K (and hopefully higher) to judge if the oversold condition go turn into base or continue into more downside.
Bearish
Dis news dey bearish for short-term trading because e join confirmed breakdown for Bitcoin price structure with heavy derivatives liquidation. When leveraged positions dem force close (over $1.6B for 24 hours) di selling pressure wey come often drown dip-buying until spot demand return. Even though RSI don deep oversold (18.69), oversold no mean say reversal go happen automatically; MACD still bearish, dey show momentum still down. For similar selloffs, BTC fit try small relief bounce after oversold RSI, but the trade normally depend whether $60K fit hold and whether BTC fit reclaim nearby levels (e.g., ~ $64K). If e fail to reclaim broken range support, e fit lead to “next support” magnet effect wey go pull price to lower psychological levels like $55K and $50K. Long-term, the article hint say stabilization fit happen if bulls defend key multi-year trendlines and if price fit build base after liquidity sweep. But until BTC regain key resistance zones and derivatives stable, the main expectation remain downside volatility and liquidation-driven selling.