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Why is Bitcoin price down today and will BTC USD go above $66,464 or continue to fall? Bitcoin traded near $66,000 on Friday, continuing its recent weak trend and marking a potential fourth consecutive weekly loss. Investors are cautious as global risk assets show signs of weakness and attention turns to the U.S. Consumer Price Index (CPI) report. Earlier in the week, strong U.S. jobs data indicated robust payroll growth and a lower unemployment rate, reducing expectations for near-term interest-rate cuts. This combination of factors has limited upward momentum for Bitcoin and other cryptocurrencies. Market watchers are closely monitoring whether Bitcoin can rise above $66,464 or if it will test support levels near $60,000.
Why is Bitcoin price down today and will BTC USD go above $66,464 or continue to fall?
Bitcoin has been trading near $66,000, showing limited upward momentum. Weakness in global risk assets and cautious investor sentiment have contributed to its decline. Traders are closely watching whether Bitcoin can rise above the key resistance at $66,464 or if it will move back toward support near $60,000.
Why is Bitcoin price down today?
Bitcoin is down due to broad market weakness and risk aversion. Wall Street tech stocks and Asian equities fell, causing concern among investors. Strong U.S. jobs data also reduced expectations of immediate interest-rate cuts, limiting trading activity in cryptocurrencies.
Will BTC USD go above $66,464 or continue to fall?
Bitcoin faces resistance near $66,464. If it cannot break this level, it may test support levels around $60,000. Traders are waiting for U.S. CPI data and global market trends to determine the next move. Regulatory developments, like the CFTC Innovation Advisory Committee, may also influence its path.
Bitcoin drop explained
Bitcoin, BTC USD, traded around $66,000 on Friday. The cryptocurrency extended its recent sluggish trend and is set for a fourth consecutive weekly decline. Investors remain cautious amid broad weakness in risk assets. They are also watching key U.S. inflation data scheduled later in the day.
The world’s largest cryptocurrency last traded 1.1% lower at $66,464.6 by 02:24 ET (07:24 GMT). It had slipped to lows near $65,000 in the previous session. Bitcoin is on track to lose nearly 6% this week. The token has struggled to gain sustained upward momentum after bouncing from earlier lows, moving back toward last week’s support near $60,000.
Risk aversion has affected financial markets. Wall Street technology stocks fell overnight. Asian equities also declined on Friday. Broad selling pressure weighed on market sentiment.Fears of AI-driven disruption emerged on Thursday. Software and IT shares saw a broad sell-off as investors questioned the impact of automation and new AI tools on business models and revenues.
Markets focus on the U.S. Consumer Price Index (CPI) report. This report will provide insight into inflation trends and the Federal Reserve’s interest-rate policy.
Earlier this week, U.S. jobs data showed strong payroll gains and a lower unemployment rate. These results lowered hopes of near-term interest-rate cuts and contributed to subdued trading in Bitcoin and other speculative assets.
Crypto price today: Altcoins slip amid broader risk-off
Most altcoins traded lower on Friday.
- Ethereum fell 1.3% to $1,944.76.
- XRP dropped 1.7% to $1.35.
- Solana eased 2.3%, and Cardano moved slightly lower.
- Polygon gained 4%, contrary to the trend.
- Dogecoin traded largely flat.
Analysts insights and market outlook
Analysts note that Bitcoin’s short-term trend remains cautious. The market is sensitive to U.S. economic reports and global tech performance. Altcoins are also experiencing declines, showing that broader risk-off sentiment affects the entire crypto market. Some analysts believe Bitcoin could regain momentum if it crosses $66,464 and avoids falling below $60,000.
Bitcoin faces resistance near $66,464. If it fails to rise above this level, it may retest support around $60,000. Traders are watching U.S. CPI results closely. Regulatory developments, including the CFTC advisory committee, could influence market direction.
What should investors do now?
Investors are advised to monitor key price levels and global financial trends. Diversifying crypto holdings, managing risks, and watching U.S. economic data are suggested strategies. Short-term trading should be approached with caution, and long-term investors may consider holding if fundamentals remain stable.
FAQs
Q1: Why is Bitcoin price down today?
Bitcoin is down due to weak risk sentiment, falling tech stocks, and anticipation of U.S. inflation data affecting investor confidence.
Q2: Will BTC USD rise above $66,464 or fall further?
Analysts suggest Bitcoin, BTC USD, may face resistance at $66,464 and could drop toward $60,000 if it fails to gain momentum.