Bitcoin traded near $66,000 after rebounding from around $60,000, but has now entered a consolidation phase amid renewed selling pressure and risk-off sentiment in global markets. The cryptocurrency was last trading at $66,024.
Over the past 24 hours, Bitcoin and Ethereum declined 2% each. Among major altcoins, XRP, BNB, Solana, Tron, Dogecoin, and Cardano fell more than 3%, while Hyperliquid gained about 1.3%.
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A move between $60,000-$70,000 is expected in the near term, which is typical after a sharp directional move as the market absorbs liquidity and resets positioning, said Akshat Siddhant, Lead quant analyst, Mudrex. Strong US PMI data, which came in well above expectations, reinforced the higher-for-longer narrative, keeping liquidity tight. The CPI data release on Friday could act as a volatility catalyst and potentially provide the next directional trigger.
The global crypto market capitalisation edged down 1.3% to $2.27 trillion, according to CoinMarketCap.
The bulls are slowly losing their grip over Bitcoin as the price grinds lower, forming lower highs and lows, according to the CoinDCX Research Team. The global market cap slides below $2.3 trillion while the market sentiments remain in extreme fear.
In the past week, Bitcoin and Ethereum were up by 1.6% and 0.55%, respectively. XRP, Tron, Dogecoin, and Cardano were up by over 3%, whereas BNB, Solana, and Hyperliquid fell over 10%.
While short-term charts for Bitcoin and Ethereum reflect clear buyer exhaustion, the macro backdrop is turning increasingly constructive, according to Riya Sehgal, Research Analyst, Delta Exchange.
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Market perspective
Nischal Shetty, Founder, WazirX
On-chain data shows long-term holders still distributing amidst market fears of further downward pressure. Current loss metrics suggest we are in a capitulation phase. Historically, these zones can last months before a real trend reversal begins which could mean a trickle down effect on the overall market sentiment towards altcoins.
Vikram Subburaj, CEO, Giottus
The retreat followed BTC’s failure to sustain momentum above $70,000. This reinforced the sense that rallies are still being met with distribution rather than fresh conviction buying.
