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Why is Bitcoin Dropping?
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Bitcoin price fell 1.35% to around $62,560, slightly underperforming the broader crypto market as risk-off sentiment weighed on digital assets. The total crypto market capitalization declined 1.14%, while perpetual futures open interest jumped 27.46%, indicating increased derivatives activity and selling pressure. Analysts are watching the $62,000 support level closely, with a break below potentially opening the door to a move toward $61,000 if cautious market sentiment persists.
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