Bitcoin Struggles to Maintain Support Amid Market Volatility
- Bitcoin is trading at $70,601.67, just above the psychological support level of $70,000.
- The cryptocurrency peaked at $74,000 earlier in the week before retreating alongside U.S. equities.
- Bitcoin open interest rose to $16.16 billion, indicating renewed speculative interest in the market.
- $257 million was liquidated in the last 24 hours, with BTC liquidations totaling $121 million.
- DeFi tokens MORPHO and JUP fell by approximately 2-3%, while OKB surged by over 23% after a partnership announcement.
The current market sentiment reflects growing caution as traders reassess inflation risks amid rising oil prices and potential interest rate hikes from the European Central Bank.
As Bitcoin hovers around $70,600 with significant liquidation activity reported, traders are closely monitoring key levels for future price movements. (Source)
