Bitcoin wobbles around $70,000 as macro headwinds weigh on crypto

Bitcoin and major cryptocurrencies experienced a sharp decline, tracking a broader risk-off sentiment across global markets. Bitcoin briefly dipped below $70,000 before recovering, marking a 5.5% drop over 24 hours. This selloff coincided with significant losses in Asia-Pacific equities, following declines on Wall Street. The macro pressures intensified after the Federal Reserve maintained interest rates and U.S. producer price index data came in hotter than expected. Furthermore, rising geopolitical tensions fueled energy concerns, pushing oil prices higher. Analysts largely attribute the crypto downturn to these macro factors—including a strengthening U.S. dollar and rising yields—rather than crypto-specific issues, noting that these conditions reduce the appeal of both gold and crypto. Traders are now closely monitoring upcoming CPI releases, Fed commentary, and geopolitical developments, with $70,000 remaining a key technical level for Bitcoin.

(Source：The Block)