Bitcoin selloff continues as prices slide below $63,000 for the first time since February
Bitcoin fell to $63,000, its lowest since Feb. 24, extending weekly losses to more than 14% and four-week losses to 21%. The selloff lifted demand for downside protection, pushing the 30-day implied volatility gauge to 53.17, the highest since April 2. U.S.-listed spot Bitcoin ETFs saw another $50 million in outflows on Wednesday, marking 13 straight trading days of withdrawals and signaling weakening institutional demand. Traders said the decline began with ETF outflows and intensified on fears tied to Mt. Gox liquidations, while fading catalysts and capital rotation into AI-related tech have added pressure. Market attention is centered on the low-$60,000 area, especially around $60,000 to $59,900, where the 200-week moving average also sits, as a key support zone that may force a decisive move.
