Bitcoin traded between $70,400 and $71,300 amid a global tech stock selloff, as nearly $770 million in liquidations occurred within 24 hours, impacting cryptocurrencies like BTC and ETH.
The price dip highlights market volatility and liquidity issues, triggering concerns among investors regarding the resilience of crypto assets amidst broader financial instability.
Bitcoin Steadies Below $71K Amid Tech Market Turmoil
Bitcoin has remained under $71,000, impacted by a broader tech stock selloff. Liquidity issues and leveraged liquidations also contributed to this decline. Long position liquidations totaled $635 million, indicating market vulnerability.
Key cryptocurrency figures have been silent on this event, with no official statements or actions taken. The decline follows heavy selloffs in global markets and has left traders cautious about potential further losses.
Crypto Market Declines 6.2%, Bitcoin Trades Below Key Range
The crypto market saw a 6.2% decline, with Bitcoin trading around $70,400 to $71,300. The fall aligns with macroeconomic pressures impacting speculative assets worldwide.
The absence of new institutional involvement and bearish sentiment on platforms like Stocktwits show uncertainty. According to on-chain data, the Crypto Fear & Greed Index is at 12, indicating extreme fear in the market.
Bitcoin Mirrors Past Declines, Dropping 7 of 8 Sessions
The situation mirrors past Bitcoin declines influenced by macro factors. It has dropped in 7 of the last 8 sessions, continuing a trend of volatility since late 2024.
Analysts warn investors remain wary amid macro pressures on speculative assets. With Bitcoin over 40% down from its $126K peak, cautiousness dominates the market outlook. The current market reflects the lowest sentiment from the Crypto Fear & Greed Index since November 2024, indicating “extreme fear” within the cryptocurrency community.
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