While Bitcoin and other altcoins are experiencing a decline, analysts are closely monitoring developments that could lead to a rise in the market. The continuous outflows and profit-taking from US-listed Bitcoin exchange-traded funds (ETFs) are putting pressure on the market.
Major cryptocurrencies such as Dogecoin and Solana are leading the fall, with Bitcoin dropping below $66,000. Ethereum has also seen a decline, erasing gains from the previous week.
Bitcoin is currently trading near its 50-day moving average at $66,000, testing the medium-term uptrend. ETFs for Bitcoin have seen a net outflow of $145 million, continuing their poor performance from last week.
According to CoinGecko data, Dogecoin and Solana have experienced losses of up to 9% in the past 24 hours. Other tokens like Ton Network and BNB Chain have also seen declines, with BNB managing to limit losses to just 1.5%.
Analysts attribute the market downturn to factors such as political uncertainty in France, which has strengthened the dollar and put pressure on Bitcoin. Neil Roarty from Stocklytics mentioned that lower interest rates and a weaker dollar are needed to push Bitcoin closer to the $70,000 mark.
FxPro senior market analyst Alex Kuptsikevich warned of a bearish outlook, despite positive developments in Ethereum ETFs. While Ethereum initially gained over 6% on ETF expectations, a 1.5% loss on Monday raises concerns about the short-term performance of altcoins.
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