Bitcoin (BTC) Dips Below $63,000, Mirrors Declines In Blue-Chip Equity Indices

Leading cryptocurrencies dipped on Monday, mirroring declines in blue-chip equity indices. Bitcoin trended downward throughout the day, briefly dipping below $63,000 overnight.

Leading cryptocurrencies took a hit on Monday evening, mirroring declines in blue-chip equity indices.

What Happened: Bitcoin trended lower throughout the day, briefly dipping below $63,000 overnight. At press time, the apex crypto hovered around the lower boundary of $63,000.

Ethereum slipped below $2,700 midday, to later trade around the high $2,600s.

Over $107.46 million in cryptocurrency liquidations occurred in the last 24 hours, with 83% of the total being long liquidations.

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The total cryptocurrency liquidations hit $107.46 million in the last 24 hours, with long liquidations accounting for 83% of the total.

The total long volume for Bitcoin surged 60% in the last 24 hours, while short volume declined by 69%.

The Cryptocurrency Fear & Greed Index moved from "Greed" to "Neutral," reflecting a large change in sentiment following the pullback.

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The global cryptocurrency market stood at $2.21 trillion, following a drop of 1.76% in the last 24 hours.

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Among standard intervals, crypto trade volumes over the last 24 hours have decreased substantially. In the last 24 hours, Binance, FTX and Deribit had the highest trade volumes at $63.6 billion, $31.3 billion and $26.1 billion, respectively.

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In other news, prominent cryptocurrency analyst Ali Martinez highlighted key levels to watch out for Bitcoin.

He stated that apex crypto could rise to $64,200 if the support at $63,500 holds. However, if the support breaks, the leading cryptocurrency risked falling to $62,800.

#Bitcoin seems to be trading within a parallel channel on the lower time frames. If the $63,500 support holds, $BTC could bounce back to $64,200 or even $64,800. However, if it breaks, a drop to $62,800 might be on the horizon! pic.twitter.com/4hROkZxQNp

On-chain analytics firm Santiment highlighted a disproportionately larger decline in Bitcoin’s OI on exchanges as compared to that of Ethereum and Solana.

This indicated investors' shifting focus to altcoins owing to confidence in their upside potential. Additionally, it signaled risk diversification by large traders.

? While Bitcoin has seen a mild -2.2% price drop in the past 24 hours, it was enough to cause a much larger -7.5% drop in total open interest on exchanges. For comparison, total open interest toward Ethereum and Solana have barely declined. A few takeaways:? Shifting Focus to… pic.twitter.com/vBltUQxcnX

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