Bitcoin is on the verge of its longest losing streak since 2022, grappling with geopolitical tensions, a stronger U.S. dollar, and rising crude oil prices. It is nearing a historic five-week consecutive decline, coupled with concerns over support levels around $60,000. Despite a substantial 47% drop from its recent peak, some indicators hint stabilization, though leveraged trading pressures could push BTC further toward $50,000 or below in a worst-case capitulation.
In contrast, bitcoin market dominance is inching toward 60%, reflecting a possible $1.2 trillion capital shift from altcoins. The altcoin market continues to suffer from significant trading volume collapses, exemplified by Cardano’s on-chain volume falling over 94%. The crypto lending sector also shows strain, with active loans down 36% and total value locked declining 42%, despite firms like Ledn issuing asset-backed bonds secured by Bitcoin.
BTC
68,541.5
+1.17%