Article Rewrite:
As Bitcoin and other cryptocurrencies continue to decline, analysts are closely monitoring key developments that could potentially lead to a market recovery. The ongoing trend of outflows and profit-taking from US-listed Bitcoin exchange-traded funds (ETFs) has contributed to the downward pressure on the overall market.
Leading the downward trend are Dogecoin and Solana, with Bitcoin dropping below $66,000. Ethereum has also seen a significant decline, erasing gains from the previous week. BTC is currently trading near its 50-day moving average at $66,000, signaling a test of the medium-term uptrend. Despite last week’s poor performance, BTC ETFs recorded a net outflow of $145 million.
According to CoinGecko data, Dogecoin and Solana have experienced losses of up to 9% in the last 24 hours, while Ton Network and BNB Chain have also seen declines. Analysts attribute some of the market pressure to political uncertainty, with Emmanuel Macron’s decision to call early elections in France strengthening the dollar and impacting Bitcoin prices.
Neil Roarty, an analyst at Stocklytics, noted that a strong dollar typically puts downward pressure on Bitcoin and emphasized the need for lower interest rates and a weaker dollar to push BTC closer to the $70,000 mark. Meanwhile, FxPro senior market analyst Alex Kuptsikevich warned of a bearish outlook, highlighting that positive developments in Ethereum ETFs have had limited impact on ETH prices.
While Ethereum briefly saw gains on optimistic ETF expectations, a 1.5% loss on Monday suggests caution for the short-term performance of altcoins. Investors are advised to exercise caution and monitor market trends closely.
For those interested in investing in cryptocurrencies, Binance exchange offers a 20% commission discount for registering through a specific link. Stay updated on exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.
