Bitcoin extended its decline for a fourth consecutive session, sliding toward $63,000 as a strengthening U.S. dollar and falling equities dampened risk appetite across global markets. A sustained move below the critical $60,000 level could trigger fresh liquidations and expose the market to a deeper pullback toward $52,500 — a support zone that dates back to 2021.
BTC dropped to roughly $63,100, its weakest price since the Feb. 6 dip near $60,200, according to CoinDesk data. The retreat coincided with renewed gains in the dollar index (DXY), which rose 0.5% from Monday’s Asian trading hours, while U.S. stock markets posted losses.
Since midnight UTC, bitcoin has shed 2.1%, bringing its 24-hour decline to 4.7%. Traders warn that a decisive breakdown below $60,000 could unleash another round of forced selling, amplifying downside momentum.
Altcoins See Steeper Losses
Weakness was not confined to bitcoin. Bitcoin Cash plunged 11.5% over the past 24 hours, while tokens such as Sui, Jupiter and World Liberty Financial each declined more than 2%, underscoring broad-based selling pressure.
Market observers described the current environment as a gradual “slow bleed,” a pattern often associated with prolonged crypto downturns. However, technical indicators offer a mixed picture. The relative strength index (RSI) across major cryptocurrencies has entered oversold territory, raising the possibility of a short-term rebound if support near $60,000 holds.
Derivatives Reflect Defensive Positioning
Activity in derivatives markets highlights ongoing de-risking:
- Aggregate notional open interest in crypto futures fell over 4% to $92.5 billion, marking its lowest level since April 2025.
- Approximately $360 million in leveraged positions were liquidated in the past 24 hours, with long positions accounting for the vast majority of forced closures on exchanges including BitMEX and Bitfinex.
- At the same time, global open interest in bitcoin futures rose to 690,890 BTC — its highest reading since early February — indicating some traders are building short exposure in anticipation of further downside.
- Funding rates for perpetual futures tied to major tokens remain negative, signaling a bearish bias. Perpetuals linked to TRON show funding rates near -35%, suggesting crowded short positioning.
- Thirty-day implied volatility for bitcoin and ether has climbed to two-week highs, reflecting renewed nervousness.
- On Deribit, bitcoin and ether put options are trading at a volatility premium of more than 10 points over calls through late-March expiry, highlighting strong demand for downside protection. Block trades featured put spreads and straddles, strategies that either hedge against further losses or position for heightened volatility.
DeFi and Altcoin Weakness Persist
Outside a handful of exceptions, bullish catalysts remain scarce. AI-focused token Pippin has outperformed, rising 7.7% in the past day and doubling since the start of the year.
Elsewhere, decentralized finance activity suggests investors are rotating defensively. Total value locked (TVL) has declined less sharply than token prices, indicating capital is shifting into stablecoins rather than exiting protocols entirely.
The result has been sustained underperformance among DeFi-linked assets. CoinDesk’s DeFi Select Index (DFX) has dropped 34.8% year-to-date, making it the weakest major crypto benchmark of 2026 so far.
With macro pressures building and leverage unwinding, the market’s immediate focus remains fixed on the $60,000 level. Whether it holds or gives way may determine if bitcoin stabilizes — or slides toward its next major support zone.
