Bitcoin broke through the $63,000 support: what is behind the new round of correction
On August 14, the leading cryptocurrency came under pressure again, breaking through the psychologically important level of $63,000. This decline pushed the asset back to the lows seen in early August, signaling the persistence of bearish momentum in the market.
At the time of data recording, BTC is trading around $62,600, showing a decline of 1.5% over the day. Notably, Ethereum is demonstrating relative resilience: the second-largest cryptocurrency by market capitalization has barely changed in price, holding near the $1,860 mark.
ETF Outflows and Market Imbalance
The key negative factor was the first two-day outflow from spot bitcoin ETFs since late July. On August 12 and 13, investors withdrew a total of $192 million, indicating a cooling of institutional demand that had previously been a growth driver.
It is especially telling that the decline is occurring against the backdrop of positive macroeconomic data: the U.S. Producer Price Index (PPI) slowed to 4.7%, beating expectations and supporting stock indices. The divergence in the dynamics of traditional markets and cryptocurrency underscores the sector's internal problems.
Position Analysis and Resistance Levels
Despite the decline, open interest in BTC on Binance has continued to grow since early July, reaching $27.09 billion. This creates a dangerous imbalance: weak spot demand and low liquidity are combined with a high level of leverage. As analysts note, when positive news fails to drive growth, leveraged positions become vulnerable to liquidations.
Additional pressure comes from a potential supply overhang in the zone of short-term holder cost basis around $68,700. This means that a significant portion of market participants is at a loss, increasing the risk of cascading sell-offs.
My comment: The current dynamics resemble a classic consolidation before a decisive move. The lack of reaction to macroeconomic positives is a worrying signal that should not be ignored. In the coming days, it is critically important to watch the $60,000 level: a break below it could open the door to a deeper correction into the $58,500 zone, which experts had warned about earlier. I recommend investors exercise caution and avoid excessive leverage under current conditions.