Why is Bitcoin price down today?

Bitcoin’s price has slipped back toward $68,000, erasing some recent gains after a run-up to a six-week high of $76,000. The rally had recovered about $13,000 since the escalation of the Middle East conflict, but a sharp rejection at the peak sent the price down roughly $8,000, leaving BTC caught between support at $68,000 and resistance at $76,000.

Analysts, including Michaël van de Poppe, say Bitcoin is stuck in a range and awaiting a breakout. Van de Poppe noted, “Nothing special so far for $BTC,” suggesting traders are likely to act only if the price reaches the range’s lower or upper bounds. Macro factors have also pressured the market.

Fed Chair Jerome Powell’s hawkish comments about inflation and an outlook that rate cuts may not occur for over a year have increased caution toward risk assets, contributing to Bitcoin’s volatility and downward pressure. ETF flows added to the sell-side momentum.

United States

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