Bitcoin tests $63K resistance as long-term holders capitulate amid macro risk-off selling.
Macro & Markets ·
Bitcoin is trading near $63,000, down roughly 2% on the day and around 47% below its October peak, as investors pull back from risk assets. Long-term holders are intensifying the pressure: more than 65% of coins flowing into exchanges come from this cohort realizing losses, a pattern that matches earlier bear-market phases, according to on-chain analysis. The broader selloff reflects cooling macroeconomic risk appetite, with geopolitical uncertainty and shifting rate expectations driving short-term moves.
Analysts attribute the decline primarily to macro headwinds rather than crypto-specific weakness. The derivatives market shows no excessive leverage crowding, and the selling is concentrated in spot markets rather than leveraged positions. Bitcoin failed to hold $65,000 this week and briefly dipped below the $64,500 put wall tied to recent options expiry.
U.S. spot Bitcoin ETFs have shown only modest inflows—$181 million on Tuesday and $108 million on Wednesday after a $425 million outflow on Monday—insufficient to stabilize the price. Whether long-term holder capitulation will fully exhaust the structural sell pressure, or whether macro conditions will tighten further, remains unclear.