Bitcoin Drops Below $63K as Global Risk Selloff Wipes Weekly Gains

Bitcoin fell below $63,000 on Friday as a broad selloff in risk assets erased the gains it had made earlier in the week following the US-Iran peace deal.

The largest cryptocurrency by market cap traded around $62,700, down 1.9% over 24 hours and 1.3% on the week, according to CoinDesk data. The selling was widespread: ether dropped 2.3% to $1,695, XRP fell 3.2% to $1.13, solana lost 3.2% to $69, and BNB declined 2.7%. Hyperliquid's HYPE slid 3.7% but remained the week's best performer, up 13.2%. Tron was the only major token to hold flat.

For crypto traders, the move underscores how digital assets remain tightly correlated with traditional risk markets. When global equities and commodities sell off, Bitcoin often follows, as investors reduce exposure across the board. This week's bounce, triggered by optimism over the US-Iran peace deal, proved short-lived as broader macro concerns resurfaced. Traders can track real-time price action on NowPrice's live crypto dashboard to monitor key levels.

Looking ahead, the key level to watch is the lower boundary of Bitcoin's recent range, near $62,000. A break below that could open the door to further downside, while a recovery above $64,000 would signal renewed buying interest. Market participants will also keep an eye on upcoming economic data and geopolitical developments that could sway risk sentiment in the coming days.