Bitcoin (BTC) briefly dipped below $63,000, amid mounting liquidations and a broader risk-off sentiment in global markets. This move extends a correction that has been ongoing for much of the month, with BTC approaching levels last seen earlier in February around $60,000.
BTC fell below $63,000 during Asian trading hours, with lows reported around $62,700-$62,900 in some sources, its currently trading around $64,437 according to CoinGecko data. It has since recovered slightly, trading in the low-to-mid $63,000 range around $63,000-$63,200 in recent updates, with some snapshots showing ~$62,900-$63,000.
24-hour declines hovered around 4-5%, contributing to weekly losses of roughly 7-8%. Leveraged liquidations surged significantly, with figures ranging from $360-$380 million in the past 24 hours primarily long positions being wiped out. Some reports noted higher cumulative impacts in the broader correction.
The selloff appears driven by a combination of factors: Macro uncertainty, including tariff-related headlines and shifting risk appetite affecting speculative assets like crypto. Broader market anxiety, with correlations to equities and a stronger dollar pressuring risk-on trades.
Technical breakdowns, such as failing to hold key supports around $67,000 earlier, leading to accelerated unwinding of leveraged bullish bets. Additional pressure from large transfers, like a reported $114 million BTC dump to Binance by an entity, and miner selling.
The total crypto market cap has shed value estimates around $150 billion in some reports during the dip, with altcoins like Ethereum, Solana, and others also declining. Analysts note that a sustained break below $60,000 could trigger more liquidations and potentially test lower supports; $52,500 in some technical views, though on-chain indicators suggest this may be part of a bottoming formation — though patience will be required for any meaningful recovery.
Ethereum (ETH) has been significantly impacted by the broader crypto market downturn, mirroring Bitcoin’s brief dip below $63,000. As a high-beta asset often more volatile than BTC, ETH has experienced sharper declines amid mounting liquidations, risk-off sentiment, and macro pressures like tariff uncertainties and a stronger dollar.
ETH is trading around $1,850 range today with real-time quotes from major source like CoinMarketCap showing: 24-hour decline of approximately 4-5.5%, contributing to weekly losses in the 7-10% range. Year-to-date, ETH is down roughly 38%, marking one of its weakest starts to a year on record, with prices well below recent ranges and testing key supports near $1,800.
This follows a slide from mid-$1,900s earlier in the month, with ETH now hugging the lower end of a descending channel on daily/weekly charts. ETH tends to amplify BTC moves. BTC’s drop below $63K; lows ~$62,700-$62,900 set the tone for risk assets, leading to correlated selling across the board.
Analysts note ETH as a “higher-beta proxy” for on-chain activity, making it more sensitive to sentiment shifts. Total crypto liquidations reached $360-$600 million in the past 24 hours with some reports citing up to $700M cumulatively in the correction, predominantly long positions (70-90%).
ETH-specific liquidations were substantial, e.g., $95-$126 million in futures and perps, accelerating the downside as forced unwinds cascaded. Macro uncertainty has reduced risk appetite. On-chain factors like Vitalik Buterin-linked sales added short-term selling pressure, though not fundamentally altering Ethereum’s ecosystem strength.
ETH is testing critical support around $1,800 (a horizontal demand zone and lower channel boundary). A sustained hold could lead to a relief bounce toward $2,000-$2,200, but a break lower risks deeper targets like $1,500-$1,600 or even $1,750 in bearish scenarios.
Despite the pain, some positive undercurrents persist: Ethereum’s dominance in DeFi TVL remains strong ~55-60% historically, with protocols like Aave, Uniswap, Morpho, Ethena, and Ether.fi continuing to grow. On-chain activity and potential institutional interest suggest long-term upside, with analysts viewing sub-$2,000 levels as rare buying opportunities in a multi-year horizon potential recovery to $3,000-$5,000+ if catalysts align.
Sentiment is in “extreme fear” (Fear & Greed Index ~8-14), often a contrarian signal for exhaustion and future rebounds. Crypto remains volatile, with ETH highly reactive to BTC’s trajectory — if Bitcoin stabilizes above $63K and macro fears ease, ETH could see outsized recovery.
This appears to be an extension of February’s choppy correction rather than a structural breakdown. Crypto remains highly volatile, and sentiment indicators like fear levels are elevated.
