Bitcoin Drops to $67K Ahead of CPI and Fed Decision
Bitcoin, the largest digital asset, experienced a notable decline, falling to a one-week low of $67,750 as of 10:42 AM in Singapore. The drop was attributed to investor concerns over upcoming US inflation data and the Federal Reserve's monetary policy decision, which could signal continued interest rate hikes. Bitcoin, which had previously hit a record high of $73,798 in March, has struggled to maintain upward momentum since then. The downturn also affected smaller tokens like Ether and Dogecoin, contributing to a broader market decline.
During the June 11 Asia trading session, Bitcoin dipped below $68,000, with data from Cointelegraph Markets Pro and TradingView indicating a 3% decrease, taking it to $67,320 on Bitstamp. Analysts highlighted the lack of support at the $69,000 level and thin exchange order book liquidity as contributing factors. Despite warnings about insufficient bids, Bitcoin failed to hold the $69,000 support level and also lost the 21-day moving average, a key short-term trendline. Other cryptocurrencies faced similar pressure, resulting in a $80 billion loss in total market value and approximately $170 million in liquidated futures positions.
As Bitcoin struggled to find new highs, its market value dropped to $67.5 trillion, marking the lowest level since June 3. Major altcoins, including Ethereum, SOL, DOGE, TON, SHIB, and LINK, saw declines of around 3.5%. This widespread sell-off affected over 75,000 investors, leading to significant financial losses across the cryptocurrency market.
