Following a failed challenge of the $70,000 level during early Monday trading hours in Asia, bitcoin (BTC) fell below $67,000 in U.S. morning action.
Bitcoin fell below $67,000 on Monday after failing to cross the $70,000 threshold during early morning trading hours in Asia.
The world’s largest cryptocurrency by market capitalization was trading down 2.3% over the past 24 hours, lagging behind the broader market CoinDesk 20 Index, which was down 1% during the same period. Ether, the native token of the Ethereum blockchain, was also down nearly 1%.
LTC, DOT and ICP led losses with 4%-5% declines.
Solana was a notable outperformer with a 2.4% gain to $163, although still down from its $170 weekend high.
Bitcoin mining stocks also suffered, but one outlier was TeraWulf (WULF), which recently pivoted to high-performance computing to power AI data centers. It was up 12% on Monday.
Among possible catalysts for today’s price action, bitcoin had risen in near-continuous fashion since dipping to just under $60,000 eleven days ago – a modest reversal was to be expected at some point. There was also a sharp rise in interest rates across Western economies on Monday, among them 10 basis point gains in both the U.S. 10-year Treasury yield and the German 10-year Bund yield. Other things being equal, higher rates can often put pressure on the prices of risk assets, including bitcoin.
Zooming out a bit further, bitcoin – for the moment – remains in the same flat-to-down price channel it’s been in since recording a record high of $73,700 more than seven months ago. Prior to today, the most recent attempt at crossing the $70,000 level was in late July. It also failed and bitcoin sank to below $52,000 days later.
"Wouldn't be unreasonable to get another HL [higher low] potentially with a sweep of $66K, probably where the next opportunity is," well-followed analyst Skew said in an X post.
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