Bitcoin broke below $63,000 on Sunday, printing a three-month low and turning a grim week into the kind of Sunday that makes you check whether your exchange app has a do-not-disturb mode. With roughly $1.9 billion in leveraged positions wiped out in 24 hours, the Bitcoin below $63,000 move has traders asking whether the floor is in – or whether a fourth capitulation wave is still unfolding.
Why Bitcoin slipped below $63,000
BTC traded between roughly $62,300 and $63,700 across Sunday sessions, with one exchange printing a dip to near $62,600. The drop extends a six-week losing streak – the cryptocurrency is now about 49.5% below its $126,080 all-time high set in October 2025 – and follows Friday’s loss of the 200-day moving average near $72,900.
The macro backdrop has not been kind: markets are pricing another Fed rate hike, the US Dollar Index sits near a 19-month high above 103, and the Federal Reserve’s latest financial stability report flagged elevated asset valuation pressures and record hedge-fund leverage. Spot bitcoin ETFs, meanwhile, logged a second straight week of outflows above $1 billion.
$1.9 billion liquidated in 24 hours
According to Coinglass data, about $1.9 billion in crypto positions were liquidated in the 24 hours through Sunday morning Asia time – $684 million in bitcoin and $466 million in ether – on top of roughly $1.3 billion in long liquidations on Friday. Ethereum fell to around $1,730, its lowest since July, Solana changed hands near $71, and the total crypto market cap shed nearly 10% in a day to about $2.16 trillion.
Sentiment gauges match the carnage: the Crypto Fear & Greed Index sits at 10 – deep in extreme fear – while combined USDT and USDC market cap has slipped to $244 billion, the lowest since September 2025. See our earlier read on the sub-$70,000 breakdown for how quickly this moved.
Is a technical floor forming?
Analysts are split. Checkmate’s James Check warned of a potential fourth capitulation wave, while GSR’s Rich Rosenblum argued the break below the 200-day average is a technical move that may be bringing bitcoin nearer a floor. Bitget Wallet’s research team flagged $62,000-$63,000 as the exposed zone once $65,000-$66,000 gave way.
For now, the bid is waiting on Monday’s ETF flow prints and any fresh signal on the rate path. Until then, the liquidation cascade pattern still defines the tape – and patience remains the cheapest position on the book.
Sources: The Block, CoinDesk, Coinglass, SoSoValue.
