Bitcoin BTC $ 66,924.57 extended losses early Thursday, falling to $63,000 for the first time since February 24
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The selloff has triggered demand for protective options plays, pushing the fear gauge, the 30-day implied volatility index BVIV, to 53.17, its highest level since April 2.
Key facts
- Bitcoin BTC $ 66,924.57 extended losses early Thursday, falling to $63,000 for the first time since February 24
- The selloff has triggered demand for protective options plays, pushing the fear gauge, the 30-day implied volatility index BVIV, to 53.17, its highest level since April 2
- Some traders are closely watching levels around $60,000 as potential support
- The first major zone the reporter is watching is the low $60k region, because that is where a lot of important pieces start coming together
Summary
Bitcoin fell to about $63,000, its lowest level since February, and is down more than 14% this week and 21% over the past four weeks. The sell-off has driven 30-day implied volatility to its highest level since early April and prompted 13 straight days of outflows from U.S.-listed spot bitcoin ETFs, signaling waning institutional demand. Analysts say a lack of fresh catalysts, rotation of liquidity into sectors like artificial intelligence and concerns over Mt. Gox-related selling could fuel further volatility, with key support watched around $60,000 and some eyeing $50,000 as a potential bottom. Bitcoin BTC $ 66,924.57 extended losses early Thursday, falling to $63,000 for the first time since February 24.