Bitcoin steadies near $66,000 amid risk-off sentiment; altcoins under pressure
Synopsis
Bitcoin is trading near $66,000, consolidating after a rebound from $60,000 amid renewed selling pressure and global risk-off sentiment. Analysts expect a near-term move between $60,000-$70,000 as the market absorbs liquidity, with CPI data on Friday potentially triggering the next directional move.
Bitcoin traded near $66,000 after rebounding from around $60,000, but has now entered a consolidation phase amid renewed selling pressure and risk-off sentiment in global markets. The cryptocurrency was last trading at $66,024.
Over the past 24 hours, Bitcoin and Ethereum declined 2% each. Among major altcoins, XRP, BNB, Solana, Tron, Dogecoin, and Cardano fell more than 3%, while Hyperliquid gained about 1.3%.
Also Read | Gold and silver ETFs crash up to 10%. What should investors do?
Crypto TrackerTOP COINS (₹) Tether91 (0.19%)Bitcoin6,023,386 (-0.74%)XRP123 (-1.28%)Ethereum176,349 (-1.29%)BNB54,379 (-2.5%)A move between $60,000–$70,000 is expected in the near term, which is typical after a sharp directional move as the market absorbs liquidity and resets positioning, said Akshat Siddhant, Lead quant analyst, Mudrex. Strong US PMI data, which came in well above expectations, reinforced the higher-for-longer narrative, keeping liquidity tight. The CPI data release on Friday could act as a volatility catalyst and potentially provide the next directional trigger.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »The global crypto market capitalisation edged down 1.3% to $2.27 trillion, according to .
Live Events
The bulls are slowly losing their grip over Bitcoin as the price grinds lower, forming lower highs and lows, according to the CoinDCX Research Team. The global market cap slides below $2.3 trillion while the market sentiments remain in extreme fear.
In the past week, Bitcoin and Ethereum were up by 1.6% and 0.55%, respectively. XRP, Tron, Dogecoin, and Cardano were up by over 3%, whereas BNB, Solana, and Hyperliquid fell over 10%.
While short-term charts for Bitcoin and Ethereum reflect clear buyer exhaustion, the macro backdrop is turning increasingly constructive, according to Riya Sehgal, Research Analyst, Delta Exchange.
Also Read | Arbitrage mutual funds see 2,507% jump in inflows in January. Can higher STT and tax changes dull the shine?
Market perspective
Nischal Shetty, Founder, WazirX
On-chain data shows long-term holders still distributing amidst market fears of further downward pressure. Current loss metrics suggest we are in a capitulation phase. Historically, these zones can last months before a real trend reversal begins which could mean a trickle down effect on the overall market sentiment towards altcoins.
Vikram Subburaj, CEO, Giottus
The retreat followed BTC’s failure to sustain momentum above $70,000. This reinforced the sense that rallies are still being met with distribution rather than fresh conviction buying.
