Bitcoin has been facing a series of underwhelming price movements recently, with the asset being rejected at $66,400 and pushed down to $64,000 for the third time in a week. The cryptocurrency market has experienced significant volatility, with Bitcoin failing to sustain its momentum towards $70,000 and facing painful rejections that have pushed its price below $65,000. Despite briefly reclaiming ground over the weekend and a slight pump towards $67,000 at the start of the new business week, Bitcoin struggled to maintain its position and dropped to a monthly low of $64,000.
Adding to the downward pressure on Bitcoin’s price are continuous outflows from spot Bitcoin ETFs. Withdrawals close to $140 million were seen recently, with GBTC outpacing FBTC for the first time. As a result, Bitcoin’s market cap has fallen to $1.265 trillion, with its dominance over altcoins up slightly to 51.5%.
Altcoins have also seen a decline in prices, with many experiencing painful losses. Ethereum (ETH) is down by more than 3%, trading below the support level of $3,500. Binance Coin (BNB) has faced similar losses, dropping to $583. Other prominent altcoins such as SOL, SHIB, DOT, LINK, XRP, DOGE, and ADA have also recorded losses. However, the most significant declines have been observed in meme coins, with WIF, JASMY, BONK, BRETT, PEPE, and FLOKI all experiencing drops of over 8% in a day. The total market cap of all cryptocurrencies has decreased by approximately $50 billion within a day.
Overall, the current market conditions reflect a challenging period for both Bitcoin and altcoins. The high volatility and significant price fluctuations have created a sense of uncertainty among investors. It remains to be seen how the market will respond in the coming days and whether Bitcoin and altcoins can recover from the recent losses.
