Bitcoin Plunges Below $63,000 as Tech Stocks and Global Tensions Weigh

Bitcoin's price dropped below $63,000 on Friday as investors reduced risk amid a sell-off in technology stocks related to AI and escalating tensions between the US and Iran. The cryptocurrency came under pressure along with stock indices, but one technical indicator suggests the market is approaching oversold territory.

The decline was not limited to the crypto market, as Nasdaq 100 futures fell by 1.91% and S&P 500 contracts dropped by 0.96%. This points to a broad macroeconomic impulse rather than a problem specific to blockchain assets.

Patrick Mannelli of Tickmill Group noted that the sell-off in semiconductors has shifted from routine profit-taking to position reduction, dragging Asian markets to multi-month lows.