Bitcoin prices retreated sharply on Tuesday, falling 4% within 24 hours to an intraday low of $62,700, as renewed selling pressure from short-term holders intensified market volatility. Analysts observed that the cryptocurrency has transitioned into what they describe as an “excess loss-realization” phase, characterised by elevated levels of capitulation among recent buyers reacting to macroeconomic uncertainty. The decline followed the announcement of a new 15% global tariff by US President Donald Trump, which triggered heightened risk aversion across digital asset markets and accelerated short-term liquidation activity. Short-Term Holders Drive Selling Pressure On-chain data indicates that the Short-Term Holder SOPR metric