Bitcoin’s $63K Plunge: Will It Hit $50K?

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Markets

What to know:

  • Bitcoin extends overnight weakness amid renewed concerns over President Trump’s tariffs.
  • Analysts say the key $60,000 support level is being closely watched, with a break potentially opening the way to the mid-to-low $50,000 range.
  • Historical patterns suggest bitcoin may not find a lasting bottom until its 50-week moving average crosses below the 100-week average, implying further downside toward $50,000 or lower is possible.

Bitcoin dipped below $63,000 during Asian trading hours, extending overnight weakness amid President Donald Trump’s tariffs and AI jitters that have soured investor sentiment. A spectacle of despair, one might say, as the digital serpent slithers beneath the $63,000 threshold, its coils tightening with each passing hour.

The leading cryptocurrency by market value is already down nearly 7% for the week, trading at levels last seen on Feb. 6 when prices nearly dropped to $60,000, CoinDesk data shows. A cruel echo of yesteryear, as if the market itself is trapped in a recursive nightmare.

“Similar to equities, Bitcoin has had a sharp pullback today, driven largely by renewed tariff-related uncertainty, similar to the events of April 2025. Furthermore, ratcheting geopolitical tensions could likely prove bearish for BTC in the short-term,” Matt Howells-Barby, vice president at Kraken, Pro Trader, and host of Trading Spaces, told CoinDesk in an email. A man of profound insight, no doubt, though his words echo the dire prophecies of a 19th-century prophet in a world of quantum uncertainty.

He added that the $60,000 level is a key support that bulls are watching closely. “If that level fails to hold, we could potentially see a move into the mid-to-low $50K range,” he noted. A mid-to-low $50K range-how thrilling! The market’s version of a slow, inevitable descent into the abyss.

The U.S. stocks fell Monday after Trump said he would place temporary 15% tariffs on imports from other countries, up from the 10% rate announced Friday following the Supreme Court’s decision to struck down his tariffs strategy. Meanwhile, investors continued to sell shares in companies that stand to lose the AI revolution. A tragicomedy of errors, where the only victors are the hedge funds and the existential dread of the masses.

History favors a deeper sell-off in BTC

History shows BTC rarely bottoms until the 50-week average price crosses below the 100-week average price. This so-called bear cross has marked the end of every major bear market, including those in 2022 and 2018. A pattern as predictable as the sunrise, yet as comforting as a cold, unfeeling void.

We’re nowhere near that signal today, as the 50-week average price remains well above the 100-week. A fragile truce, perhaps, but one that will not last. The market’s pendulum swings with the grace of a drunk acrobat, teetering between hope and oblivion.

So, if past data is a guide, the market could slide further, potentially to $50,000 or lower, as several experts told CoinDesk at Consensus Hong Kong before the averages cross bearish and capitulation sets in. A prophecy whispered by the ghosts of past crashes, who know far more about this than we do.

The pattern may seem counterintuitive: The 50-week average dropping below the 100-week signal further weakens momentum. But it fits the moving averages’ lagging nature perfectly: crossovers confirm what’s already happened – not predict what’s next – so long-term ones have tended to market bear market bottoms in bitcoin. A tautology, really, but one that sells well in the realm of financial punditry.

That said, as with any indicator, the past record offers no assurance of future results. A reminder that even the most revered oracles are, in the end, just humans with calculators and a penchant for drama.

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2026-02-24 08:23