Bitcoin, Ethereum and XRP declined again as the broader cryptocurrency market remained under pressure, with Bitcoin falling back below the $70,000 level after a brief recovery attempt. Analysts say the latest pullback has weakened short-term market confidence, especially after Bitcoin failed to hold above recent resistance levels near $74,500.
Bitcoin’s weekly chart now shows a break in the longer-term upward trend that had been supported by a series of higher highs and higher lows over the past several months. The earlier rebound attempts provided temporary support, but the recent drop below key technical levels has increased uncertainty about the near-term direction.
Short-term price movements have been especially volatile. On shorter time frames, Bitcoin briefly found support before falling sharply to around $60,000, its lowest level in more than a year. The market is now in a transitional phase, with the overall trend still uncertain until stronger buying momentum returns.
Global Market Pressure Weighs on Crypto
One of the main reasons behind the decline is a broader sell-off across risk assets, including equities. Analysts say that cryptocurrencies have recently shown strong correlation with stock markets, meaning when equities fall, digital assets often follow as investors reduce exposure to riskier investments.
Institutional Outflows Add Selling Pressure
Additional downward pressure has come from recent outflows from spot Bitcoin exchange-traded funds, which have reduced institutional demand in the short term. When ETF investors withdraw funds, it can lead to increased selling in the underlying market, contributing to price weakness across major cryptocurrencies.
Market Uncertainty and Policy Developments
Uncertainty surrounding upcoming regulatory discussions in the United States has also contributed to the bearish sentiment. Policymakers are currently working to resolve disagreements over crypto market structure legislation, and investors are waiting for clearer regulatory direction before taking large positions.
Short-Term Outlook Remains Uncertain
Market analysts say the next few days could be critical. If the overall crypto market holds above key support levels, prices may stabilize and attempt a recovery. However, continued weakness in global markets or further institutional outflows could lead to additional short-term declines in major assets such as Bitcoin, Ethereum and XRP.
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