Asia Market Open: Bitcoin Plunge to $64K Rattles Risk Assets as Tech Slump Ripples Through Asia

Market Overview - Bitcoin has dropped more than 10% to approximately $64,000, marking its weakest level since late 2024, following a week of significant selling pressure across risk assets [1] - The global crypto market has lost about $2 trillion in value since its peak in October, with around $800 billion erased in the past month [4] - Bitcoin is down about 17% for the week and roughly 28% year-to-date, while Ether is facing a 19% weekly decline and a 38% drop year-to-date [4] ETF and Investment Trends - US spot Bitcoin ETFs experienced outflows exceeding $3 billion in January, following outflows of about $2 billion in December and $7 billion in November [5] - Continued ETF outflows and the movement of nearly 60,000 BTC to exchanges have contributed to near-term selling pressure [6] - Analysts suggest that the current market phase may present a favorable accumulation opportunity for long-term investors through disciplined buying strategies [6] Technical Analysis - Bitcoin's price is entering a support zone between $54,000 and $69,000, with the weekly RSI dipping below 30 for the first time since mid-2022, historically indicating potential major bottoms within a three-to-six-month timeframe [7] - A base is likely to form in the $54,000–$60,000 range, particularly as the low-$50,000s align with the 200-day moving average [7] Broader Market Sentiment - The risk-off sentiment has affected equities in Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan falling about 1%, led by a 5% decline in South Korea's Kospi [7]