Bitcoin Drops 3.46% to $87,048.77, Weekly Loss Reaches 11.55%
Bitcoin has decreased by 3.46% over the past 24 hours, now priced at $87,048.77, which extends its 7-day decline to 11.55%.
Bitcoin has fallen 3.46%, now trading at $87,048.77 within the last 24 hours, marking an 11.55% decrease over the past week. This decline mirrors a broader downturn in the cryptocurrency market, which has seen a 2.85% drop.
Several factors have contributed to Bitcoin's recent struggles: 1. **Liquidation Cascade** – Approximately $366 million in long positions were liquidated, leading to a series of automated sell-offs. 2. **ETF Outflows** – Withdrawals by institutional investors have negatively impacted demand for Bitcoin. 3. **Macro Uncertainty** – The odds of a Federal Reserve rate cut have diminished, influenced by incomplete labor market data.
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