Bitcoin drops toward $68,500 and faces sixth straight weekly decline
Bitcoin traded down around $68,500, positioning the cryptocurrency for a sixth consecutive weekly loss and bringing its year-to-date decline to 21% as investors navigate macroeconomic uncertainties.
Bitcoin has declined to around $68,500 and is pacing toward its sixth consecutive weekly loss, according to market reports from The Block and CoinDesk. The cryptocurrency is down 21% year-to-date as investors evaluate a series of market headwinds, including Anthropic's anticipated public listing, leadership upheaval at Nvidia, and climbing expectations for Federal Reserve interest rate hikes.[1][2][3]
According to Matt Mena, senior crypto research strategist at 21Shares, a breach below $69,000 puts the $65,000 level at risk of another test. Mena indicated that establishing a sustained recovery would require the asset to first reclaim $70,000 and then push past $74,000.[2]
Despite the ongoing retreat, Mena noted that an eventual rebound toward $87,000 and above $90,000 remains possible, observing that bitcoin has historically delivered average returns of more than 61% during the fourth quarter.[2]
Key facts
- Bitcoin fell to trade around $68,500 and is heading toward its sixth consecutive weekly decline.
- The cryptocurrency is down 21% this year as investors weigh Anthropic's expected IPO, Nvidia's leadership changes, and rising Fed rate hike expectations.
- 21Shares strategist Matt Mena stated that breaking below $69,000 could expose $65,000 to another test.
- Mena said a sustained price recovery requires bitcoin to reclaim $70,000 and then $74,000.
- A price recovery toward $87,000 and above $90,000 remains possible, with historical fourth-quarter returns averaging over 61%.
Sources · 3 sources
- CB
Crypto BriefingArticle ·
Bitcoin slips to $68,500 as 21Shares strategist maps out key price tests Bitcoin's dip below key levels highlights market sensitivity to macroeconomic factors, potentially influencing broader crypto investment strategies. The post Bitcoin slips to $68,500 as 21Shares strategist maps out key price tests appeared first on Crypto Briefing .
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Bitcoin is trading down at around $68,500. 21Shares senior crypto research strategist Matt Mena said a break below $69,000 could leave $65,000 vulnerable to another test, while a sustained recovery would require $BTC to reclaim $70,000 and then $74,000. Mena said a recovery toward $87,000 and eventually above $90,000 remains possible, noting that bitcoin has historically averaged returns of more than 61% in the fourth quarter.
Open source - CO
CoindeskArticle ·
Bitcoin heads for sixth weekly loss as Anthropic’s blockbuster IPO looms Bitcoin is down 21% this year as investors weigh Anthropic’s anticipated listing, Nvidia’s leadership upheaval and rising Fed rate hike expectations.
Open source