Bitcoin Dips Below $66,000 Amid U.S. Market Weakness
- Bitcoin (BTC) traded at $66,200, down 2.5% over the past 24 hours.
- The cryptocurrency reached a session low of under $66,000 after peaking at $68,500 overnight.
- Coinbase (COIN) reversed a morning gain of 3% to close down by about 2%.
- MicroStrategy (MSTR), the largest corporate holder of Bitcoin, fell approximately 3% as BTC weakened.
- The U.S. dollar index (DXY) rose to its strongest level in nearly two weeks, impacting risk assets including cryptocurrencies.
- With this decline, Bitcoin is facing its fifth consecutive week of losses, marking the worst streak since the prolonged bear market in 2022.
The recent downturn in Bitcoin’s price is compounded by hawkish signals from the Federal Reserve regarding potential rate hikes if inflation persists. The $66,000 support level is critical for BTC’s short-term outlook as it previously helped fuel a bounce above $70,000.
Currently trading at $66,200, Bitcoin’s performance reflects ongoing market volatility and external economic pressures.Source
