Bitcoin Price Drops 2% Amid Weak Demand, Whale Short

Bitcoin's price dropped by 2% to $62,667 due to weak demand and a $125 million whale short. The decline broke through the psychological level of $63,000 and increased selling pressure in the market.

The U.S. spot Bitcoin ETFs recorded net withdrawals totaling $192 million over two consecutive sessions, reducing a key source of buying power that could absorb coins sold during volatile periods.

Bitcoin's immediate support levels sit between $62,500 and $62,700, and a close below this region could trigger further long liquidations and push the price down towards the psychological support level of $62,000.