Bitcoin Slumps to Pre-Trump Low as Crypto Market Continues Downward Trend

Bitcoin has been experiencing a prolonged period of decline, with its price dropping to levels not seen since before US President Donald Trump's reelection in 2024. The cryptocurrency market as a whole is under pressure, with various factors contributing to the selloff. Sustained outflows from bitcoin-focused exchange-traded funds and broader geopolitical concerns are among the key drivers of the downturn.

The recent decline has been particularly pronounced, with Bitcoin falling by 5% on Friday. This marks the sixth consecutive day of losses for the token, making it its longest losing streak since August. Smaller tokens like Ether have also suffered significantly, with prices down over 10% in a 24-hour period.

Experts point to several factors contributing to the market's decline. Nicolai Søndergaard, research analyst at Nansen, noted that Bitcoin has 'no macro catalyst to recover into' due to ongoing geopolitical tensions and risk aversion across markets. Meanwhile, Caroline Mauron of Orbit Markets highlighted the significance of the $60,000 threshold, which could prove a strong support level for the token.