Bitcoin Bitcoin prices fell for the fourth consecutive day to around $63,100, the lowest level since $60,200 on February 6, CoinDesk data showed.
The latest downward move coincides with investor risk aversion in global markets. U.S. stocks fell this week, with the U.S. dollar index (DXY) up 0.5% since Monday’s Asian session.
BTC is down 2.1% since midnight UTC and is down 4.7% in the past 24 hours. A break below $60,000 would trigger another round of liquidation and a possible drop to as low as $52,500, a historical support level from 2021.
The altcoin market also appeared to be taking a big hit on Tuesday. Its value has fallen by 11.5% in the past 24 hours and is down 3% since midnight UTC, while SUI, JUP, PUMP and WLFI are all down more than 2%.
Analysts describe the price action as a “slow bleed” typical of previous cryptocurrency bear markets, but it is worth noting that the average cryptocurrency relative strength index (RSI) indicator is flashing an “oversold” signal, which means a rebound in the low $60,000 area is possible.
Derivatives Positioning
- Notional open interest in the cryptocurrency futures market fell by more than 4% to $92.5 billion, the lowest level since early April 2025. The falling data suggests investors continue to reduce risk and are moving money out of leveraged products.
- The exchange liquidated $360 million worth of leveraged bets within 24 hours. Bullish bets or long positions were the first to bear the brunt, accounting for more than 90% of the total liquidation on multiple exchanges including Hyperliquid, HTX, Aster, Bitmex and Bitfinex.
- Some traders are looking to short Bitcoin in a weak market. This is evident from the increase in global open interest in Bitcoin futures to 690.89K BTC (the highest level since February 6). The same is true for Ethereum.
- Annualized funding rates for perpetual contracts tied to major coins remain below zero, indicating a bearish short position bias. TRX and TRON have funding rates as low as -35%, a sign that the market is slowly becoming overcrowded with bears.
- The 30-day implied volatility index for Bitcoin and Ethereum has risen to two-week highs, indicating renewed nervousness in the market.
- On Deribit, Bitcoin and Ethereum put options are trading at a volatility premium of over 10 for the end-March expiration. This points to growing concerns about continued price declines.
- The block stream features BTC put spreads and straddles. A put spread is a bearish strategy with limited profits and limited losses. A straddle represents a bet on volatility.
token talk
- With the exception of artificial intelligence-related token pippin (PIPPIN), which has doubled since the start of the year after rising 7.7% in the past 24 hours, the altcoin market is suffering from a lack of bullish catalysts.
- Total value locked (TVL) losses in the decentralized finance (DeFi) market are less than the value of assets depreciating, indicating that traders and investors are turning to stablecoins to reduce risk.
- This has led to poor performance of DeFi tokens, with CoinDesk’s DeFi Select Index (DFX) down 34.8% since the beginning of the year, making it the worst-performing benchmark.
- The first layer token aptos , and All currencies fell between 5% and 8% in the past 24 hours as the altcoin market faced a lack of liquidity and ongoing selling pressure.
