Bitcoin (BTC) dips under $63,000 and history says more pain ahead before bottom forms
Bitcoin fell below $63,000 amid tariff concerns, with historical data suggesting further declines before a market bottom.Summary
Bitcoin extended its weakness, dropping below $63,000 during Asian trading hours due to renewed concerns over President Donald Trump's tariffs and AI-related jitters, leading to a nearly 7% weekly drop. Matt Howells-Barby of Kraken noted that the $60,000 level is crucial support; failure here could lead to a move into the mid-to-low $50K range. Historically, Bitcoin rarely bottoms until the 50-week average price crosses below the 100-week average price—a 'bear cross' that has marked the end of every major bear market. Since this signal is not imminent, historical data suggests the market could slide further, potentially to $50,000 or lower, as capitulation sets in. This broader market weakness also saw U.S. stocks fall and crypto prices decline alongside software sectors affected by AI developments.
(Source：CoinDesk)