Bitcoin's Weekend Break Below $62,500 Puts Bears on High Alert

Bitcoin's weekend break below $62,500 could unleash a selling wave toward $58,500. The cryptocurrency has been trading near its floor of $62,500 to $62,560 for five weeks.

A week of macro relief failed to convert into price action as Bitcoin lagged behind equities, unable to sustain a move through $64,000 to $65,000 even with improved data. Heavy supply sits within the current range where 1.79 million BTC, about 8.93% of circulating supply, is concentrated at cost basis.

The selling looks concentrated among the youngest long-term holders, whose average acquisition cost sits closer to $71,000 to $76,000. A break below $62,500 could accelerate quickly due to thin weekend liquidity, with Bitcoin's first stop being $60,000.