BTC plunges below $63K for first time since February!

Bitcoin's selloff accelerated sharply, with BTC/USD breaking below $63,000 for the first time since February 24th. The move triggered a cascade of forced liquidations, wiping out over $1.1 billion in leveraged crypto positions across the market in just 24 hours.

Why it matters

A breach of the February support level is technically significant — it erases months of price structure and signals that the bid which held through the spring has now given way. The $1.1 billion liquidation figure confirms this wasn't an orderly pullback: leveraged longs were caught offside, and the forced selling likely amplified the move lower. When liquidation cascades of this magnitude hit, they tend to flush out weak hands but can also overshoot fair value in the short term.

Market impact

The immediate read is bearish: BTC has lost a key multi-month support level and the derivatives market is now in cleanup mode. Watch for stabilization in open interest and funding rates as the first sign that the liquidation wave is exhausted. A sustained reclaim of $63K would be the minimum requirement before any constructive thesis re-emerges — until then, the path of least resistance remains lower.