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Bitcoin price continues to remain under pressure after it fell more than 5% to under $66,000 level on Tuesday. The move comes after the transfer of $2 billion in bitcoins by the U.S. government, sparking concerns of further negative sentiment before the US Federal Reserve interest rate decision. 
<h2 id="donald-trump-driven-bitcoin-price-rally-fades">Donald Trump-Driven Bitcoin Price Rally Fades</h2> 
Crypto Fear and Greed Index dropped from 74 to 67 as investors brace for potential losses due to volatility ahead of the <a href="https://coingape.com/us-fed-meeting-expectations-no-rate-cut-expected-in-july-fomc-whats-next/" target="_blank" rel="noopener">FOMC meeting</a>. Uncertainty soared in the markets amid heightened geopolitical tensions in the Middle East and expectations of a rate cut in September. 
Bitcoin price today pared mostly all weekly gains. BTC price hit $70,000 amid <a href="https://coingape.com/biden-proposes-sc-reform-to-challenge-donald-trump-immunity-ruling/" target="_blank" rel="noopener">Donald Trump’s</a> speech at the Bitcoin Conference in Nashville, Tennessee last week. Notably, traders ruled out the current macroeconomics as the primary factor Bitcoin price crash. The 10-year Treasury held its recent decline to below 4.2%, moving near its lowest level since March. Moreover, the U.S. Dollar Index (DXY) held above 104.5. 
US stock market futures are trading higher at press time. <a rel="nofollow" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank">CME FedWatch</a> shows a 90% probability of the Fed rate cut by 25 bps in September. Moreover, Wall Street giants Morgan Stanley and Goldman Sachs predicted three cuts this year starting in September. “Considerable progress on inflation allows the Fed to inch closer to rate cuts. Chair Powell should emphasize increased confidence,” said Morgan Stanley. 
Also Read: <a title="Breaking: US SEC Amends Binance Lawsuit, No Longer Consider Solana As Security" href="https://coingape.com/sec-amends-binance-lawsuit-no-longer-consider-solana-as-security/" target="_blank" rel="bookmark noopener">US SEC Amends Binance Lawsuit, No Longer Consider Solana As Security</a> 
<h2 id="traders-took-cues-from-u-s-government-selloff-and-mt-gox">Traders Took Cues From U.S. Government Selloff and Mt. Gox</h2> 
Traders immediately sold BTC after the U.S. government transferred more than $2 billion worth of Bitcoin from the stash it seized from Silk Road dark web marketplace. According to Arkham Intelligence, a U.S. Government: Silk Road DOJ Confiscated Funds labeled wallet moved 29,800 BTC in two transactions. 
Bloomberg analyst James Seyffart suggests a custody deal with <a href="https://coingape.com/coinbase-deal-likely-behind-us-govt-2b-btc-transfer-bloomberg-analyst/" target="_blank" rel="noopener">Coinbase</a> is behind the recent $2 billion Bitcoin transfer by the US Marshals Service. However, the latest Mt. Gox test transfer holding back traders and preventing any rebound in Bitcoin price today. Notably, Bitcoin value of $5.35 billion is currently held by Mt. Gox. 
Coinglass data indicates the crypto market saw $170 million in total liquidations in the last 24 hours, with $147 million in longs liquidated. BTC recorded $70 million in longs liquidation and $7 million in short positions liquidation. 
<figure id="attachment_210090" aria-describedby="caption-attachment-210090" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-210090" src="https://coingape.com/wp-content/uploads/2024/07/screenshot-www_coinglass_com-2024_07_30-15_36_49-1224x354.jpeg" alt="Bitcoin " width="802" height="232" srcset="https://coingape.com/wp-content/uploads/2024/07/screenshot-www_coinglass_com-2024_07_30-15_36_49-1224x354.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/screenshot-www_coinglass_com-2024_07_30-15_36_49-300x87.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/screenshot-www_coinglass_com-2024_07_30-15_36_49-768x222.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/screenshot-www_coinglass_com-2024_07_30-15_36_49-1536x444.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/07/screenshot-www_coinglass_com-2024_07_30-15_36_49-150x43.jpeg 150w, https://coingape.com/wp-content/uploads/2024/07/screenshot-www_coinglass_com-2024_07_30-15_36_49.jpeg 1862w" sizes="(max-width: 802px) 100vw, 802px">
 <figcaption id="caption-attachment-210090" class="wp-caption-text">
 Source: Coinglass
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</figure> 
Scott Melker, known as The Wolf of All Streets, predicts it’s not an ideal at the moment. BTC formed a bearish divergence with RSI on the daily chart and most lower time frames. He recommends watching for hidden bullish divergence. 
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> currently trades at $66,716, with a 24-hour low and high of $65,894 and $69,987, respectively. The trading volume has witnessed a 67% increase over the last 24 hours. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GTuwHiyXYAAVZPp?format=jpg&amp;name=4096x4096" alt="Image" width="789" height="490"> 
Also Read: <a href="https://coingape.com/breaking-mt-gox-prepares-to-move-the-rest-of-80-5k-bitcoins-btc-under-pressure/" target="_blank" rel="noopener">Mt. Gox Readies Transfer of Remaining 80.5K Bitcoins, BTC Faces Pressure</a> 
The post <a href="https://coingape.com/why-is-bitcoin-price-falling-today/">Why Is Bitcoin Price Falling Today?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Why Is Bitcoin Price Falling Today?

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