Bitcoin remained under pressure in Asian trading, briefly falling below $63,000 as renewed trade tensions and ongoing AI-driven volatility weighed on broader market sentiment.
The world’s largest cryptocurrency is now down close to 7% on the week, hovering near levels last seen on Feb. 6, when prices nearly tested $60,000, according to CoinDesk data. The latest slide comes as investors reassess macro risks tied to President Donald Trump’s tariff policy and escalating geopolitical strains.
Matt Howells-Barby, vice president at Kraken and host of Trading Spaces, said bitcoin’s sharp pullback mirrors weakness in equities. He pointed to renewed tariff-related uncertainty — echoing market turbulence earlier this year — as a primary driver of the move, adding that geopolitical tensions could amplify short-term downside risks.
He emphasized that $60,000 represents a crucial technical support level. A decisive break below that mark could open the door to a deeper retracement into the mid-to-low $50,000 range.
U.S. equities also retreated after Trump announced plans to lift temporary import tariffs to 15%, up from the previously announced 10%, following a ruling by the Supreme Court of the United States that struck down his earlier tariff strategy. At the same time, investors continued trimming exposure to companies viewed as vulnerable to AI disruption.
Technical History Signals Caution
Longer-term indicators suggest bitcoin may not yet have reached a definitive market bottom. In prior bear cycles — including 2018 and 2022 — BTC formed durable lows only after its 50-week moving average crossed below its 100-week moving average, a technical pattern known as a “bear cross.”
That crossover has yet to occur in the current cycle, as the 50-week average remains above the 100-week.
If historical precedent holds, bitcoin could experience additional downside — potentially revisiting the $50,000 level or lower — before a final capitulation phase unfolds. Analysts speaking at industry events in Hong Kong have similarly warned that further weakness remains possible.
While the bear cross may appear to confirm deteriorating momentum, moving averages are lagging indicators. In previous cycles, the crossover has tended to align with the latter stages of prolonged downturns rather than serve as an early warning.
Still, technical signals offer probabilities, not guarantees, and past market behavior does not ensure similar outcomes in the future.
