Bitcoin Price Pressure Continues Amid Weak Market Sentiment

The Bitcoin price has been struggling to regain momentum, falling below $61K amid a decline in stock indices. The crypto market capitalization has also declined by 2.7%, failing to establish a sustainable growth trajectory. In the past 11 years, the Bitcoin price has spent nearly 11 months near the 200-week moving average when it dips below this level.

A notable exception was the Covid-19 pandemic in March 2020, which saw a rapid price recovery due to easy central bank money and spending restrictions. However, markets expect interest rate hikes, making a short-term rebound unlikely without a global extreme shock.