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Bitcoin (BTC) and other major cryptos’ performance highlights the market’s volatility and challenges. Despite an initial optimistic outlook based on softer inflation data, the biggest crypto has seen major declines. Bitcoin is down 
Bitcoin dropped more than 2% in the last 24 hours to drop the $65,000 price level during the US trading session straight down from around $67,000. Over the past seven days, <a href="https://news.todayq.com/stocks-and-bonds-are-beating-bitcoin-heres-how/" rel="noopener noreferrer nofollow">BTC has declined</a> by 7.5%, marking its weakest price in four weeks.
Major altcoins Smaller have seen even steeper declines. Ether (ETH) dropped to $3,400, losing over 10% in the same period. Other major tokens like Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Near (NEAR) saw declines ranging from 15% to 20%.
Coinglass data shows that nearly $214.2 million of leveraged derivatives trading positions across all crypto assets were liquidated in the past 24 hours. This week’s total liquidations amounted to over $900 million.
The Federal Reserve projected only one rate cut for this year, less than previously forecasted. This projection dampened investor hopes for looser monetary policy this summer.
Political uncertainty in Europe, particularly the snap election in France, strengthened the US dollar. The US dollar index (DXY) rose to its strongest level in over a month. It had put additional pressure on Bitcoin. More selling pressure 
Increased selling from Bitcoin miners and profit-taking by long-term holders around the $70K mark weighed on the market. Analysts and market participants had anticipated a breakout to new record highs, but these attempts were quickly sold off.
Bitcoin failed to surpass the key resistance level at $71,500. The price has dropped below the ascending parallel channel, indicating increased bearish sentiment. The price drop by more than 7% indicates that bearish momentum is strong. There is potential for further declines, possibly testing the key support level at $60K.
Bitcoin’s price action suggests a pattern where rallies are quickly sold off, leading to subsequent declines. If this pattern holds, Bitcoin could experience further declines of another 7% to 10%.
BTC is trading at an average price of $66,173, at the press time. Its 24 hour trading volume is down by 5% to stand at $25.4 billion.

Bitcoin crashes below $66K, More pain ahead?

Todayq News

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