Bitcoin Price Drops Below $63K Amid Whale Selling Pressure

Bitcoin's price dropped by about 2% on August 14, falling below the crucial $63,000 support level to an intraday low of around $62,667. This decline was largely driven by a large trader increasing their short position worth $125 million.

The selling pressure was further exacerbated by weak institutional demand in the market, as evidenced by net withdrawals from U.S. Bitcoin ETFs. Additionally, technical indicators showed that support levels were near $62,200 to $62,700, while resistance lay above $64,100.

Analysts warn that if Bitcoin fails to hold this support level, it could potentially test lower levels around $61,500. However, a recovery above $64,100 could trigger short-covering rallies in the market.