Bitcoin has found temporary support near $62,900, halting a months-long decline that saw the digital asset retreat to its lowest level in two weeks.
The stabilization comes after a period of intense selling pressure, during which the cryptocurrency briefly dipped below the critical $60,000 threshold.
Market participants are now assessing whether this level represents a durable floor or merely a pause in the broader downtrend.
The recent weakness in Bitcoin has been closely correlated with a broad-based selloff in US technology stocks, which has weighed heavily on risk sentiment across global markets.
As a high-beta asset, Bitcoin has mirrored the caution seen in equities, with investors rotating out of speculative positions amid uncertainty.
The correlation underscores the asset's continued sensitivity to macroeconomic conditions rather than purely crypto-native drivers.