Bitcoin Prices Plummet to $62,800 Amid Global Uncertainties

Bitcoin's price has been under pressure in recent days, with a significant drop to $62,800 reported on Tuesday. Analysts are warning that if the price continues to decline, it may reach as low as $50,000.

The decline is being attributed to macroeconomic pressures and global uncertainties, including President Trump's latest tariffs and escalating geopolitical tensions surrounding potential US strikes on Iran. These factors have led to a surge in trading volume, with investors reacting to the confluence of events.

According to Farside Investors' data, Bitcoin ETFs saw $203.8 million worth of outflow on Monday, contributing to the cryptocurrency's volatility. Analysts are warning that if selling accelerates, lower support levels will come into play, including a potential revisit to $50,000.

However, chart patterns suggest that Bitcoin could find a bottom as the 50-week moving average crosses below the 100-week average. Price recovery has historically followed such patterns, and extreme oversold conditions suggest a potential sharp rebound is next.