Bitcoin dropped below $63,000 on Tuesday as technical weakness, institutional outflows, and leveraged selling combined to deepen pressure across the cryptocurrency market.
$BTC traded near $62,491 at press time, down 3% over 24 hours, while the global crypto market value fell 3.47% to $2.14 trillion. Ether lost more than 6%, and BNB declined over 4%, while Solana and HYPE each fell more than 7%.
Bitcoin’s $66K Rejection Puts $62K Support Back in Focus
The sell-off began after Bitcoin climbed toward the $65,500 to $66,100 resistance zone on Monday but failed to secure a breakout.
That rejection reversed short-term momentum and pushed the asset below a five-day ascending support trendline established after prices recovered from the $62,000 region.
The breakdown accelerated the retreat toward $62,000, with price action still signaling bearish continuation around that support zone at press time. The zone now represents the market’s immediate technical support.
A return above $65,000 would restore some short-term structure. Meanwhile, continued trading below that level keeps sellers in control following the failed resistance test.
ETF Outflows and $161M Liquidations Deepen Bitcoin Selling
Similarly, institutional demand remained fragile before the decline. U.S. spot Bitcoin exchange-traded funds recorded $68.18 million in net outflows on June 22.
The withdrawals extended a seven-week redemption trend, reducing a major source of spot-market demand during a period of weakening price momentum.
The selling-suggested institutions were lowering exposure before the latest drop rather than absorbing supply during the decline. Once $BTC moved below $63,000, stop-loss orders and leveraged positions added further pressure.
Bitcoin long liquidations also reached more than $161 million over 24 hours. Short liquidations totaled about $38 million, showing that bullish positions absorbed most of the forced closures during the market decline.
Oil Drop, Higher Yields, and Strong Dollar Weigh on Crypto
Notably, the crypto retreat followed a sharp fall in crude oil below $73 per barrel after Washington granted Iran a 60-day international oil sales license. Reports also indicated Tehran could regain access to $12 billion in frozen funds under a developing agreement with the United States.
Meanwhile, rising U.S. Treasury yields and a stronger dollar reinforced a defensive environment across risk assets, leaving the crypto market without meaningful macro support. Attention now turns to the $60,000 to $61,500 support range and the June 26 U.S. core PCE inflation release.
Cooling inflation could ease pressure from hawkish Federal Reserve expectations. A stronger reading, nonetheless, would preserve the restrictive backdrop already weighing on risk-sensitive markets.
Related: Bitcoin Price Prediction: Can Bitcoin Hold $60,000 as Selling Pressure Persists?
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