Bitcoin's value dropped more than 10% in 24 hours, hitting a low just above $63,000, marking its steepest decline since the FTX collapse in November 2022. Analysts are watching the 200-day moving average, currently between $58,000 and $60,000, as a potential support level. This decline is part of a broader sell-off affecting various asset classes, including silver, which plummeted 15%, and gold, which fell over 2%. Software stocks also took a hit, with the iShares Expanded Tech-Software ETF down more than 3% year-to-date. Adrian Fritz, chief investment strategist at 21shares, highlighted the thin liquidity in the market, suggesting that even minor sell pressures can lead to significant price drops. He noted that there isn't yet a clear indication of a market bottom, emphasizing the importance of the $58,000 to $60,000 range as a critical support level that aligns with Bitcoin's "realized price." Meanwhile, altcoins suffered even more, with XRP down 19% in the same period, indicating a general trend of declining interest and support in the crypto market. In a related comment, BlackRock's digital assets chief, Robert Mitchnick, pointed to the heavy use of leverage in Bitcoin derivatives as a factor undermining its stability as an investment. He noted that while Bitcoin's fundamentals remain strong, its trading behavior increasingly resembles that of a leveraged tech stock rather than a stable asset. Mitchnick emphasized that the volatility is not primarily driven by exchange-traded funds but rather by perpetual futures platforms.