Bitcoin Falls to $63,000 as Global Tech Selloff Sparks 50% Crypto Drawdown
Bitcoin plunged toward $63,000 amid a broad global tech sector selloff, erasing much of its 2024 breakout gains. The drop has pushed BTC nearly 50% down from its October all-time-high spike. Immediate support sits between $60,000 and $63,000 (the breakout base); a deeper base from the October–November 2025 decline extends to roughly $52,000–$58,000, which includes the 200-week moving average and may present dip-buying opportunities. Market flows resemble prior major drawdowns (notably 2021–2022) with sharp outflows and severe altcoin corrections — some altcoins like SOL have declined over 70%. Traders are advised to scale in gradually, manage risk, and avoid ‘‘catching falling knives’’ despite potential for attractive accumulation at lower levels. Key takeaways for traders: monitor $60k–$63k support closely, watch for further weakness toward $52k–$58k, and expect elevated volatility and liquidity-driven moves across BTC and altcoins.
Bearish
The article describes a sharp, near-50% decline for Bitcoin tied to a global tech selloff and rapid market outflows. Immediate technical risk is elevated: BTC is testing the $60k–$63k support that underpinned the 2024 breakout, and failure there would likely open a move toward the $52k–$58k range including the 200-week MA. These are classic signs of a bearish regime—large drawdown, high volatility, and correlated declines across altcoins. Historical parallels (2021–2022 selloff) show that such swift drops tend to produce prolonged volatility and liquidity-driven price discovery rather than quick recoveries. For traders, this implies higher short-term downside risk, bigger intraday swings, and frequent liquidation events; tactical opportunities exist for disciplined dip-buying but require scaling in, risk management, and longer time horizons. Therefore the immediate market impact is bearish, with potential medium-term stabilization only if BTC holds the $52k–$58k zone and macro/tech sentiment improves.