Bitcoin Price Drops Below 63000 as Market Pressures and Trader Liquidations Lead to Crypto Decline

Bitcoin’s price dipped below the $63,000 mark, hitting a low of $62,500, resulting in the liquidation of over 60,000 traders and losses exceeding $130 million. Several factors contributed to this decline, including decreased whale transactions, withdrawals from derivative exchanges, and outflows from spot ETFs. Altcoins also experienced significant losses, with some dropping by 4% or more. The market is under pressure from a strong dollar and anticipation of upcoming PCE inflation data. The current market situation has led to increased skepticism among traders regarding the timing of potential interest rate cuts by the Federal Reserve.