Bitcoin Crashes Below $63K Amid Institutional Withdrawals and Leveraged Selling

Bitcoin's price plummeted below $63,000 on Tuesday as a combination of technical weakness, institutional outflows, and leveraged selling put pressure on the cryptocurrency market. The global crypto market value fell to $2.14 trillion, with Bitcoin down 3% over 24 hours.

The sell-off began after Bitcoin failed to break through the $65,500 to $66,100 resistance zone on Monday, reversing short-term momentum and pushing the asset below a five-day ascending support trendline established after prices recovered from the $62,000 region. The breakdown accelerated the retreat toward $62,000, with price action still signaling bearish continuation around that support zone at press time.

U.S. spot Bitcoin exchange-traded funds recorded $68.18 million in net outflows on June 22, reducing a major source of spot-market demand during a period of weakening price momentum. The selling-suggested institutions were lowering exposure before the latest drop rather than absorbing supply during the decline.