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Why Is Bitcoin Price Falling Today?

After a seemingly bullish week for the top cryptocurrency, Bitcoin (BTC) price is largely unimpressive for bulls as whale activity heats up.
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Why Is Bitcoin Price Falling Today?

Highlights

  • Bitcoin has fallen by nearly 4% over a 24-hour time frame.
  • The bullishness of the a Bitcoin Strategic Reserve did little to stave off selling pressure.
  • The broader market is roiling under massive corrections over the last day.

Bitcoin price has left several investors scratching their heads after the asset dipped below $84,000. Following a wave of bullish fundamentals in the past week, Bitcoin’s recent price action pales in comparison to the projections mooted by analysts after the signing of the Strategic Bitcoin Reserve.

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Bitcoin Price Falls Below $84,000 Amid Lacklustre On-chain Indicators

The largest cryptocurrency by market capitalization has shed nearly 4% of its value over the last day. At the moment, the Bitcoin price is hanging onto $83,000 with on-chain indicators painting a grim picture for the asset.

Bitcoin’s seven-day chart confirms a 3.37% decline while daily trading volumes are down by a staggering 53%. Alongside the falling metrics, Bitcoin whales are scooping coins en masse, racking up over 22,000 BTC in three days.

The recent decline in Bitcoin price follows a bullish week capped by the signing of an executive order for a Strategic Bitcoin Reserve. A Crypto Summit at the White House and declarations by the OCC for cryptocurrencies were expected to send prices rallying. However, the reverse appears to be the case with Bitcoin price threatening to slip below $80K

“In my entire 8 years of being in Bitcoin, I don’t think I’ve ever seen price action more disconnected from the news,” said an analyst. “This week was possibly the most bullish week in Bitcoin history and we’re dumping.”

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Why Are Prices Falling After A Bullish Week?

There are several reasons for unsavory prices after the rally-inducing fundamentals of the past week. Right off the bat, macroeconomic factors like tariff implementation by the US have triggered sell-offs for Bitcoin and other cryptocurrencies.

Furthermore, the release of the non-farm payrolls (NFP) report on Friday signaled that monetary tightening by the Feds could be on the horizon, negatively affecting Bitcoin price.

Experts say an executive order for a Strategic Bitcoin Reserve and Crypto Summit without the “actionable” policies may have dampened the enthusiasm of investors. Bitcoin’s decline is dragging altcoins underwater with ETH, XRP, and BNB losing 3.24%, 6.38%, and 4.78% respectively over the last day.

After recording over $150 million in liquidations, the global cryptocurrency market stands at $2.68 trillion, falling by nearly 6% over the last day.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he's not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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