Bitcoin Price Suffers Steep Decline Amid Macro Pressure

Bitcoin's price plummeted to $70,500 in early trading hours before rebounding near $71,000, marking a decline of over 4% in 24 hours.

The downturn was driven by macroeconomic factors, including inflation concerns and the Federal Reserve's outlook on interest rates. The uncertainty weighed on investor sentiment, leading to a broader sell-off across cryptocurrency and equity markets.

As the price dropped, liquidations exceeded $151 million, with a significant majority of these being long positions. This selling pressure intensified the downward move, highlighting the market's vulnerability to macroeconomic pressures.