Bitcoin enters 'capitulation' phase, drops below $63K: Report

Panic selling by short-term Bitcoin holders and a Relative Strength Index (RSI) near all-time lows suggest that Bitcoin is entering a full-blown capitulation phase, Cointelegraph reported. The outlet explained that as holders continue to sell, the price of BTC has fallen below $63,000, with short-term holders believed to be leading the sell-off. On-chain data platform Glassnode added that the overall cryptocurrency market remains under downward pressure, noting that investors who had been holding on during the bottoming phase are now choosing to capitulate.