New 15-month low for Bitcoin
The price of the first cryptocurrency has dropped below $73,000, hitting a 15-month low. This happened against the backdrop of massive liquidations in the crypto sphere, which amounted to about $800 million.
Bitcoin's decline accelerated after it failed to consolidate above the $75,000 level. Now the market's attention is focused on the psychologically important support at the $70,000 mark for BTC.
The current situation is related to the overall decline in risk appetite in the markets against the backdrop of persistent geopolitical uncertainty and the tightening of monetary policy by major central banks. In addition, there has been an outflow of institutional investment from cryptocurrencies lately.
Expert Opinion
The current drop in Bitcoin is quite expected against the backdrop of a difficult macroeconomic situation. Many investors prefer to shift to more reliable assets, which puts pressure on cryptocurrencies. However, I don't think this is a market collapse - rather a correction that may continue for some time. The main thing is that BTC does not drop below the key $70,000 support, otherwise the risks of further decline will increase significantly.