Bitcoin Price Drops Below $66K as Market Sentiment Remains Cautious

The price of Bitcoin (BTC) has dropped below $66,000 as market sentiment remains cautious ahead of a press briefing by the US Department of Defense. Analysts have noted that the current trend is downward and expect a potential drop in price.

Data from TradingView shows BTC retargeting local lows after briefly spiking above $68,000. Spot-market cumulative volume delta (CVD) indicates late buyers are underwater, which could be indicative of a bull trap. Independent analyst Filbfilb flagged low US demand as grounds for caution, citing the negative Coinbase Premium Index.

Geopolitical tensions have been contributing to market uncertainty, with the Strait of Hormuz situation causing concerns over oil supplies. The announcement of the Department of Defense press briefing has added to the market's nervousness. Crypto traders are increasingly expecting a BTC price drop, with some predicting it will happen soon.