Bitcoin Plunges Towards $62,500 on Weak Weekly Close Warning

Bitcoin continued its decline on Friday, falling toward $62,500 as traders warned that a weak weekly close could trigger further losses.

BTC/USD dropped around 1.3% to $62,570 during the Wall Street session, bringing the cryptocurrency close to its lowest level of August.

The decline came even as US stocks remained near record highs, highlighting Bitcoin's recent weakness compared with traditional risk assets.

Rekt Capital warned that Bitcoin needs to reclaim $63,220 by Sunday's weekly close to avoid a potential breakdown. According to the analyst, a weekly close below that level could increase selling pressure.