Bitcoin fell to around 67,200 US dollars on Saturday, recording a weekly loss of nearly 12 percent as the broader crypto market sell-off deepened.
The total market capitalization slipped to approximately 2.37 trillion US dollars, according to btc-echo.de. Ethereum dropped 15 percent over the week, while Solana fell 16 percent. The wider downward trend accelerated during the middle of the week following higher-than-expected US inflation data.
Those inflation figures heightened market expectations for additional interest rate hikes from the Federal Reserve. Additional pressure came from sustained outflows from spot Bitcoin exchange-traded funds alongside steep losses in technology stocks driven by the Nvidia downturn. The resulting liquidation of long positions using borrowed funds further amplified the market decline.
The weekend brought little sign of a major correction in the derivatives market. An analysis by CryptoQuant showed that open interest across multiple exchanges actually rose over the 30-day period. Open interest on Binance remained largely stable, while Deribit saw a slight decline.
The price drop has only partially curbed speculation in the futures market so far.
“Weitere Kursverluste könnten erneut Long-Liquidationen auslösen und den Abverkauf zusätzlich beschleunigen,” [CryptoQuant] reported, adding that open interest is expected to decline further in the coming days to gradually cleanse the derivatives market.
The drop to around 67,000 US dollars broke several support levels identified in recent technical analyses. This movement brings lower price zones into focus as market participants watch to see where the digital asset might stabilize. Bitcoin now sits below multiple short-term technical markers, leaving traders to monitor order books for incoming buying pressure.
The total crypto market capitalization dropped to approximately 2.37 trillion US dollars. Ethereum dropped 15 percent over the week, while Solana declined by 16 percent. Data from CryptoQuant revealed that open interest on several exchanges actually increased over the preceding 30 days, while Binance remained stable and Deribit experienced a slight decrease.
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