Bitcoin is trading near one of its most closely watched long-term technical levels after a sharp selloff pushed the cryptocurrency toward the low-$60,000 region. The decline comes at a time when spot Bitcoin exchange-traded funds (ETFs) are experiencing an extended period of capital outflows, while liquidations across the crypto market have surged to their highest levels in months. At the time of writing, Bitcoin BTC was trading at around $63,226, down 5% over the past 24 hours and 13.4% over the previous seven days. Earlier today, the digital asset briefly fell to $61,556, bringing it into contact with the 200-week simple moving average, a technical indicator that has historically played a significant role during major market downturns.
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