Bitcoin has recently declined to approximately $66,000, marking a 15% drop from its March peak of $76,000, as it struggles to recover amid a strengthening US dollar and rising Treasury yields. This environment is draining liquidity from risk assets, including cryptocurrencies. Despite some improvement in spot market activity and cautious ETF inflows, Bitcoin has faced resistance around the $74,000–$76,000 range, which has proven to be a critical barrier.
Technical indicators suggest that a breakdown below the $66,000 level could trigger increased selling pressure, while the current price pattern resembles a flag formation, indicating a potential continuation of the downward trend. A further decline towards $65,000 could lead to deeper losses, while a recovery above $70,000 may open the door for a move towards $74,000 and a possible breakout.
Market professionals should closely monitor Bitcoin’s price action around these key levels, as they could signal broader implications for risk appetite in the cryptocurrency market.
Source: xtb.com