Bitcoin The dollar fell below $63,000 during Asian trading, extending overnight weakness as President Donald Trump’s tariffs and jitters over artificial intelligence hurt investor sentiment.
The leading cryptocurrency by market capitalization has fallen nearly 7% this week and is trading at levels last seen on February 6, when prices fell to almost $60,000, CoinDesk data shows.
Matt Howells-Barby, vice president of Kraken, Pro Trader and Trading Spaces, told CoinDesk in an email, “Similar to stocks, Bitcoin has seen a sharp correction today, driven primarily by new tariff-related uncertainty, similar to the events of April 2025. Additionally, heightened geopolitical tensions may be detrimental to BTC in the short term.”
He added that the $60,000 level is a key support level that bulls are keeping a close eye on. “If this level fails to hold, we could see prices move into the low to mid-$50,000 range,” he noted.
U.S. stocks fell on Monday after Trump said he would temporarily impose 15% tariffs on imports from other countries, up from the 10% announced after the Supreme Court decided on Friday to overturn his tariff strategy. Meanwhile, investors continue to sell shares of companies that may fail in the artificial intelligence revolution.
History favors a deeper sell-off for Bitcoin
History shows that BTC rarely bottoms until the 50-week average price is below the 100-week average price. This so-called bear crossover marks the end of every major bear market, including the 2022 and 2018 bear markets.
We are far from that signal today, as the 50-week average price is still well above the 100-week average price.
Therefore, if past data is any guide, the market could slide further, potentially to $50,000 or lower, as several experts told CoinDesk at the Consensus conference in Hong Kong before a bearish moving average crossover and capitulation began.
This pattern seems counterintuitive: the 50-week moving average fell below the 100-week signal, further eroding momentum.
But it’s entirely consistent with the lagging nature of moving averages: the crossover confirms what has already happened, rather than predicts what will happen next, so long-term crossovers tend to signal bear market bottoms for Bitcoin.
That said, as with any indicator, past record is no guarantee of future results.