Bitcoin Falls to Three-Month Low as Cryptocurrencies Remain Under Pressure

Cryptocurrencies fell sharply over the weekend, with Bitcoin dropping to a three-month low above $63,000 as a large number of leveraged long positions were liquidated. The largest digital asset fell 5.7% during the U.S. session on Saturday and continued to decline during the Asian trading session on Sunday, hitting a low of $63,311, down another 1.7%, marking its lowest level since August 17. Ether, the second-largest cryptocurrency, plunged 8% during the U.S. session and fell to $1,731 on Sunday, its lowest level since July 9. "I think this is a technical move," said Rich Rosenblum, co-founder of cryptocurrency market maker GSR. "Bitcoin broke below its 200-day moving average of around $73,000, triggering massive liquidations and simultaneously spawning new short positions." In recent weeks, a combination of factors has kept cryptocurrencies under pressure: expectations that interest rates will remain high, significant outflows from U.S. spot Bitcoin ETFs, risk-off sentiment as the AI rally fades, and the fallout from the $6 billion Binance hack. Since October 21, Bitcoin has fallen about 25% cumulatively. Its year-to-date low was $57,742, hit on July 1.