Bitcoin falls 3%, extending the sell-off – Double bottom in sight?

Bitcoin plunged to around $61,000 today before attempting to stabilize in the $63,000–$64,000 range amid fading momentum across the cryptocurrency market. Looking at the daily RSI, which has fallen to 19, the market is already showing signs of extreme oversold conditions and exhausted buying pressure. On the other hand, the previous two major downside impulses were significantly larger and each resulted in corrections of roughly 40%.

If a similar scenario were to unfold this time, a natural downside target would emerge near the $50,000 level. Nevertheless, there is still a chance that bulls will defend the technically important support zone around $60,000, where previous price reactions have occurred. A decisive break below this level may not come easily and would likely require strong conviction that a deeper bear market is returning.

Key Takeaways

• Over the past 24 hours, Bitcoin has lost nearly 8%, with its price falling by more than $5,000 from the daily high.
• The decline brought BTC close to the psychologically important $60,000 threshold and erased weeks of prior recovery.
• Bitcoin is currently trading roughly 50% below its all-time high of $126,000 reached in October 2025.
• Market pressure has been amplified by institutional outflows—particularly from Bitcoin ETFs—alongside leveraged position liquidations and rising geopolitical concerns.
• Sentiment was further weakened by news that Strategy sold 32 BTC for approximately $2.5 million.
• While insignificant relative to the company’s holdings of more than 818,000 BTC, the transaction was symbolically important as it marked the first disclosed reduction in its Bitcoin position in years.
• The sale was carried out to finance dividend payments on STRC preferred shares, which carry a variable annual yield of 11.5%.
• Following the announcement, Bitcoin dropped below $72,000, while Strategy shares declined nearly 6% on the same day.
• The market’s main challenge remains weak spot demand and limited investor interest, as capital has increasingly shifted from cryptocurrencies toward equities and the AI-driven investment theme.

Bitcoin chart (D1 timeframe)