Bitcoin Tests $63K as Long-Term Holders Keep Selling at a Loss
Bitcoin is under pressure near $63,000 as global risk appetite weakens and long-term holders keep selling at losses. The price fell below $65,000 and briefly hit $62,640 after breaking a $64,500 options-related support zone. Broader markets, including stocks and semiconductor/AI assets, have been correcting, and Bitcoin is increasingly reacting to macro shifts such as rate expectations and geopolitical uncertainty. On-chain data shows the main selling comes from long-term holders, especially coins bought near cycle highs. More than 65% of exchange inflows are from long-term holders realizing losses, a pattern associated with bear-market capitulation. Leverage in derivatives does not look crowded, so the pressure is mainly spot selling. U.S. spot Bitcoin ETFs have recently returned to net inflows after outflows, but the rebound has been too small to stabilize price. Some analysts see this as an early sign of institutional demand returning, while others say the market still needs long-term holder selling to exhaust before a durable bottom forms.
