Why are Crypto Markets Falling Today as Bitcoin Retests $77K?
Key Insights:
- Fed rate-hike odds climbed to 60.2%, raising pressure on crypto markets and other risk assets.
- $386M in crypto positions were liquidated, including nearly $270M in longs.
- Bitcoin ETF outflows reached $166.8M over two sessions, signaling weaker demand.
Bitcoin (BTCUSD) extended its decline in crypto markets, trading at $77,770. BTC price was down from its high of $79,760 over nearly 14 hours.
The decline was attributed to a combination of factors, including a massive wave of liquidation in Bitcoin futures, a decline in demand for Bitcoin ETFs, profit-taking by holders, and rising macroeconomic fears.
All those factors pushed back crypto prices, bringing the Bitcoin price support level at $76K-$77K back into focus.
Macro Headwinds are Hitting Crypto Markets.
Renewed fears about inflation drove up market volatility. Geopolitical fears propelled oil prices over $100 a barrel, with Brent trading at $101.21, further fueling inflation concerns. CMEโs FedWatch tool indicated a 60.2% chance for a Fed rate hike at the next meeting.
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