Copper prices rose during Tuesday trading despite the US dollar holding steady against most major currencies and despite an increase in inventory levels at the London exchange.

Trading activity in metals increased following the end of the public holiday in China, the world’s largest consumer of metals.

The most actively traded copper contract on the Shanghai Futures Exchange gained 0.8% to 101.51 thousand yuan ($14,728.88) per ton, according to Reuters.

Data released today showed that copper inventories in warehouses registered with the London Metal Exchange rose by 1,350 tons to reach 243,175 tons, the highest level since March 2025, after climbing 71% since the beginning of the year.

Meanwhile, the dollar index held stable in positive territory at 97.7 points at 16:51 GMT, recording a session high of 97.9 and a low of 97.7.

During US trading hours, May copper futures rose by 2.2% to $5.97 per pound at 16:45 GMT.

Bitcoin (BTC) is declining for a fourth consecutive session, while charts are sending increasingly clear bearish signals. The digital asset fell below $63,000 on Tuesday, February 24, extending a four-session losing streak with little sign of a meaningful rebound. It reached an intraday low of $62,964, the weakest level in about three weeks.

According to my technical analysis based on more than a decade of experience as an analyst and trader, Bitcoin is moving within a consolidation range near its lowest levels since the fourth quarter of 2024, although the structure of this consolidation appears fragile. In this report, I review the reasons behind Bitcoin’s decline, analyze the BTC chart in detail, and present the latest price outlook and key technical levels to watch.

Bitcoin price today: back below $63,000

Monday’s decline of more than 4% — the largest single-day drop since February 5 — set the tone, and Tuesday’s movement provided little reassurance for buyers.

The broader losses are notable. Since reaching an all-time high above $125,000 per coin in October 2025, Bitcoin has lost around 50% of its value. Research from VanEck indicated that the asset is currently trading about 2.88 standard deviations below its 200-day moving average — a level not seen over the past ten years, including during the COVID pandemic and the FTX collapse.

Bitcoin technical analysis: what the chart shows

According to my technical assessment, Bitcoin is increasingly trading within a consolidation range near its lowest levels since Q4 2024. The chart shows a clearly defined structure for this consolidation:

The consolidation floor lies between $60,000 and $62,000, where psychological support meets recent lows.

The consolidation ceiling sits between $72,000 and $74,000, the upper boundary that has stopped all recovery attempts.

A critical breakdown target stands at $53,000, with potential extension toward $49,000, which marks the lows of the second half of 2024.

A weekly close below the $60,000–62,000 range would, in my view, confirm a bearish breakdown. Beyond that, there appears to be no meaningful demand zone until the $49,000–53,000 area, implying potential additional downside of around 15% to 22% from current levels.

On the upside, buyers would need to reclaim the $72,000–74,000 range on a sustained basis before any genuine recovery can be discussed. Until then, any rebound is likely to be viewed as a selling opportunity within a broader bearish structure.

An important point in context: despite the depth of the decline, VanEck analysis shows that 90-day realized volatility stands near 38, roughly half the levels seen during the 2022 bear market when Bitcoin lost 78% from peak to trough. So far, conditions do not reflect panic or forced capitulation but rather a gradual and orderly deleveraging process — albeit a painful one.

Accumulating macro pressures

There is no single trigger behind this decline; rather, Bitcoin is facing pressure from multiple directions simultaneously.

The immediate catalyst is tariff-related uncertainty tied to US President Donald Trump. Following last week’s Supreme Court ruling regarding the International Emergency Economic Powers Act (IEEPA), Trump imposed new global tariffs of 15% through an executive order, reintroducing trade-policy uncertainty just as markets had begun to stabilize. The resulting risk-off move spread from equities directly into the crypto market.

Joel Kruger, crypto strategist at LMAX, said: “Crypto markets remain under pressure through Tuesday, with Bitcoin continuing its decline toward February lows.” He added that the negative tone reflects a mix of macro risk aversion, continued deleveraging, and defensive positioning — including rising sovereign yields, US dollar strength, and ongoing geopolitical uncertainty.

The second source of pressure is geopolitical tension. Military escalation between the United States and Iran — described by several sources as the largest since the Iraq War in 2003 — has driven traditional safe-haven flows. Gold and oil prices have risen, while Bitcoin has failed to benefit from the move.

Samer Hassan, Chief Market Analyst at XS.com, said: “Bitcoin has officially exited its consolidation phase and entered a new bearish cycle. This toxic mix of economic, political, and geopolitical shocks is pushing capital out of the crypto market and giving bears significant room to dominate.”

How far could Bitcoin fall? Key levels and outlook

This is the question every trader is asking right now — and the honest answer is that the range of scenarios remains wide.

Institutional views are divided. On the bearish side, a break below the $60,000–62,000 zone would technically open the path toward $49,000–53,000. On the more cautiously optimistic side, VanEck suggests that the combination of a deep pullback and significantly lower volatility compared with historical levels may indicate that a large portion of downside risk has already been absorbed.

Oil prices were trading near seven-month highs on Tuesday as traders assessed supply risks stemming from any potential military escalation, while a new round of nuclear talks between the United States and Iran approached.

Brent crude futures were steady at $71.49 per barrel at 10:37 GMT, while US crude futures rose by 11 cents, or 0.2%, to $66.42 per barrel.

Brent is trading at its highest levels since late July, while West Texas Intermediate is holding at its strongest levels since early August.

Iran and the United States are scheduled to hold a third round of nuclear talks on Thursday in Geneva, according to Omani Foreign Minister Badr Albusaidi on Sunday.

The United States is seeking to push Iran to abandon its nuclear program, but Tehran has firmly rejected that demand and denied pursuing a nuclear weapon.

In a related development, a senior US State Department official said on Monday that the department is withdrawing non-essential government personnel and their families from the US embassy in Beirut amid rising concerns over the risk of a military conflict with Iran.

US President Donald Trump said in a social media post on Monday that it would be “a very bad day” for Iran if it failed to reach an agreement.

Analysts at SEB said in a research note: “The risk is not necessarily that war is the base-case scenario, but that escalation may become difficult to contain once positioning and expectations rise.”

They added: “This is the concerning dynamic currently supporting the geopolitical premium in oil prices.”

On the trade policy front, Trump warned countries on Monday against walking away from recently negotiated trade agreements with the United States after the Supreme Court struck down his emergency tariffs, indicating that he would impose significantly higher duties under different trade laws.

Trump said on Saturday that he plans to raise temporary tariffs on US imports from all countries to 15% from 10%, which is the maximum level permitted under the law.

The dollar fell in Tuesday trading as Asian markets reopened, while investors assessed a highly uncertain trade environment. The Japanese yen, meanwhile, came under pressure following reports about a potential political intervention. 

Pressure on the yen after reports on the prime minister’s stance

The yen declined by 0.83% to 155.93 per dollar, hitting its lowest level in nearly two weeks, after a report by the Mainichi Daily said that Japanese Prime Minister Sanae Takaichi told Bank of Japan Governor Kazuo Ueda last week that she had reservations about moving ahead with further interest rate hikes.

The report also pushed Japanese government bond yields lower, adding complexity to Japan’s political and monetary landscape at a time when the central bank is struggling with currency weakness that has raised fuel and food import costs for Japanese households.

Before the report, most economists surveyed by Reuters had expected interest rates to rise to 1% by the end of June, while markets had priced in around a 70% chance of a rate hike by April.

Kenneth Broux, Head of Corporate Research and FX and Rates at Societe Generale, said: “This development tests the view that the yen had started to recover.” He added, “If the government is pressuring the central bank, doubts about its independence will return.”

Takaichi told parliament that a weaker currency has both positive and negative effects.

Chinese export restrictions affecting Japanese companies also added pressure to the currency, with the yen falling 0.8% to 183.75 against the euro.

Potential US intervention to support the Japanese currency

The yen has also remained under the watch of US authorities. Nikkei reported that the Federal Reserve Bank of New York, acting on behalf of the US Treasury Department, carried out what are known as “rate checks” last month to support the Japanese currency without a formal request from Tokyo.

Broux said this suggests that Japan is not overly concerned about the yen, despite verbal interventions aimed at slowing its decline.

Unstable trade environment

These developments come as investors face continued trade uncertainty.

The Supreme Court of the United States ruled on Friday that President Donald Trump’s use of the 1977 emergency law to impose tariffs exceeded his authority. However, Trump invoked a different law and imposed new tariffs on all imports just hours later.

An initial 10% tariff took effect one minute after midnight Tuesday, according to a customs notice, while the timing of Trump’s proposed increase to 15% remains unclear. So far, the president has signed an executive order covering only the 10% rate.

Trump also warned countries against backing away from recent trade agreements following the Supreme Court’s decision to strike down the emergency tariffs.

Ray Attrill, Head of FX Strategy at National Australia Bank, said in the bank’s podcast: “We are now back in a highly uncertain environment.”

He added that uncertainty surrounds the future shape of global trade at a time when many countries had already signed agreements or were close to doing so.

Additional concerns: artificial intelligence and geopolitical tensions

These developments coincide with rising market skepticism about the sustainability of heavy investment in artificial intelligence, alongside concerns among Federal Reserve policymakers over persistently elevated inflation.

Traders are also monitoring rising geopolitical tensions, after the US State Department announced the withdrawal of non-essential government personnel and their families from the US embassy in Beirut amid growing fears of a possible military conflict with Iran.

Major currency performance

The euro remained steady at $1.1785.

The British pound was little changed at $1.3487.

The European Parliament decided on Monday to delay a vote on the trade agreement between the European Union and the United States because of the new import tariff.

Meanwhile, the Chinese yuan reached its highest level against the dollar in nearly three years, supported by expectations that the new tariff system could lead to reduced taxes on Chinese exports.