Bitcoin traded near $62,600 on Wednesday, extending its decline to nearly 13% from June highs, as investors reduced exposure to risk assets amid a broader selloff in AI and technology shares, while technical indicators signal caution. The cryptocurrency was trading at $62,693.
In the past 24 hours, Bitcoin slipped 1.65% and Ethereum fell 3.11% to trade at $1,667. Among major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano corrected up to 6.77%.
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CoinSwitch Markets Desk said BTC pulled back to the $62K level due to broader market caution, as investors reduced exposure to risk assets following a sharp selloff in AI and technology stocks. Market sentiment remains cautious due to the Federal Reserve's hawkish stance.
Continued ETF outflows and softer market liquidity have also weighed on price action, leaving BTC below $65K. While near-term volatility may persist, long-term investors may benefit from focusing on fundamentals and maintaining a disciplined investment approach, CoinSwitch Markets Desk added.
The global crypto market capitalisation edged down 2.22% to $2.14 trillion, according to CoinMarketCap.
Vikram Subburaj, CEO, Giottus, said the immediate technical picture suggests caution. Bitcoin has established support around $61,900-$60,900, while resistance now sits at $64,200, followed by a stronger supply zone near $65,500-$67,000. Until either side breaks decisively, the market may continue to oscillate within this broad 9-10% trading range.
In the past week, Bitcoin and Ethereum corrected 4.85% and 7.13% respectively. Among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin and Cardano slipped up to 18%, while Tron rose 3.74%.
Akshat Siddhant, Lead Quant Analyst, Mudrex, said Bitcoin came under renewed selling pressure as a broader pullback in technology stocks weighed on risk assets globally. BTC briefly fell to $61,877, its lowest level since June 11, before stabilising near the $62,000 mark.
Siddhant added that the decline reflects a broader reassessment of high-growth and speculative assets, with investors reducing exposure amid concerns over elevated valuations and tighter liquidity conditions.
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Market perspective
Avinash Shekhar, Co-Founder and CEO, Pi42: Bitcoin remains under pressure after slipping to a two-week low, as a broader selloff in technology stocks triggered a risk-off mood across global markets. The decline highlights how crypto is increasingly responding to macro and cross-asset developments rather than operating in isolation. For investors, the focus should remain on participation and conviction rather than short-term price fluctuations.
Piyush Walke, Derivatives Research Analyst, Delta Exchange: US spot Bitcoin ETFs recorded net outflows of $227 million last week, extending their negative flow streak to six consecutive weeks, indicating investor caution.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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