Bitcoin traded near $63,000 on Thursday as cryptocurrency markets extended their decline amid more than $1 billion in liquidations, worsening fear sentiment.

Strategy (NASDAQ:MSTR) executive chairman Michael Saylor attributed the drawdown to a $400 billion capital rotation into AI-related investments.

Cryptocurrency	Ticker	Price
Bitcoin	(CRYPTO: BTC)	$63,346.75
Ethereum	(CRYPTO: ETH)	$1,765.65
Solana	(CRYPTO: SOL)	$68.96
XRP	(CRYPTO: XRP)	$1.16
Dogecoin	(CRYPTO: DOGE)	$0.08895
Shiba Inu	(CRYPTO: SHIB)	$0.054985

Notable Statistics:

• Coinglass data shows 288,483 traders were liquidated in the past 24 hours for $1.74 billion.      
• SoSoValue data shows net outflows of $396.6 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $52.9 million.
• In the past 24 hours, top gainers include siren, Audiera and DeXe.

Notable Developments:

• Bitcoin, Ethereum, Solana Plunge Over 10% In 1 Week: What Does Technical Analysis Say?
• Bitcoin Implodes 15% In 1 Week To $62,000: What Is Going On With BTC?
• Why Own Bitcoin At All? Kalshi CEO Says Perpetual Futures Are The ‘Purest Form Of Trading’
• Michael Saylor’s $10 Billion Bitcoin Hole: What Does Strategy Do Now?
• Bitmine’s $300M Raise Is ‘Borrowing A Page From Saylor’s Ponzi Playbook’, Peter Schiff Says

Trader Notes

Daan Crypto Trades noted Bitcoin remains in a broader downtrend after a bearish retest of the low-$80,000 region, a trend that has persisted since October last year.

The analyst said traders are closely watching whether BTC establishes a long-term range between $60,000 and $80,000 or breaks below the key $60,000 support zone, which coincides with the weekly 200-week moving average.

KillaXBT argued Bitcoin’s market cycles are accelerating, noting BTC reached a new all-time high before the 2024 halving, unlike previous cycles.

Based on that thesis, the trader believes Bitcoin could reach fresh record highs before the next halving in April 2028, implying a move above $120,000 within the next 500 days

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