Bitcoin Slides Below $63,000 as Crypto News Selloff Deepens
Bitcoin dropped below $63,000 on Thursday, and the move extended a crypto news selloff that had already pushed the token down more than 14% this week and 21% over the past four weeks. The slide put the market back under a level it had not traded below since February 24.
Bitcoin briefly hit $61,300 before recovering to $62,500. That rebound did not erase the pressure around it, because traders were still loading up on $60,000 puts and $3 billion in liquidations hit over two days.
ETF outflows and volatility
Investors pulled another $50 million from U.S.-listed spot ETFs on Wednesday, extending the run of outflows to 13 consecutive trading days. Those funds are being used as a proxy for institutional demand, so the streak shows that buyers have not stepped in to absorb the decline.
The 30-day implied volatility index BVIV rose to 53.17, its highest level since April 2. That is the kind of move that tells traders to expect wider swings, not a quick reset to calmer trading.
Paul Howard on $50k
Paul Howard, senior director at liquidity provider Wincent, said, “A broad sell-off in crypto, which started with Strategy's transfer triggering ETF outflows and is now fueled by speculative news about Mt. Gox liquidations, signals a potential continued sell-off. BTC at $50k is a level some are starting to talk about as a bottom this year,”
He also said, “Whilst there is a long way to go, the absence of catalysts and the movement of liquidity into other tech sectors such as AI indicate we have further volatility ahead,”
Howard’s note matters because the current move is not just about one intraday break. It is now tied to ETF redemptions, heavy liquidations, and a market that is trying to find support while momentum trades press lower.
Low $60k support test
Material Indicators said the first major zone it is watching is the low $60,000 region, with the local low around $59.9k and the 200-week moving average in the same area. The group also said, “That does not guarantee support. It simply tells us this is where the market should have to make a decision,”
For traders, that leaves $60,000 as the level to watch, not as a floor to trust. The market is already showing that buyers will have to prove themselves there before the slide can slow.
