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Bitcoin drops more than 4% to fall below $68,000.. What are the reasons?
The price of Bitcoin decreased by 4.41% over 24 hours, reaching $67,735, influenced by global market weakness and institutional selling.. What is the cause of this decline?
According to CoinMarketCap data, institutions withdrew approximately $228 million from Spot Bitcoin ETFs before the release of important economic data, leading to significant selling pressure on the asset.
Bitcoin is also strongly correlated at 86% with the S&P 500 index, reflecting the impact of the US dollar strength and major economic events on its movements.
The markets also saw Long Liquidations totaling $107 million, and a decrease in open interest, which increased selling pressure.
What’s next?
Investors are watching the US CPI inflation report for February on March 11, which could determine the market and cryptocurrency trends in the coming period.
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