Bitcoin Fell Below $70,000, Selling Pressure Increased in Altcoins
<p class="text-left mb-4 ">Cryptocurrency markets started the week with sharp sell-offs. As investors avoided risk ahead of a busy macroeconomic data calendar later in the week, widespread declines were observed, particularly in the leading cryptocurrency, Bitcoin.</p><p class="text-left mb-4 ">At the time of writing, <a href="https://jrkripto.com/tr/coin/btc" target="_blank" rel="noreferrer" class="text-primary underline">Bitcoin</a> was trading around $68,400, having lost approximately 3% of its value in the last 24 hours. The overall market picture was even weaker. Losses in large-volume altcoins like XRP, Ethereum, and Dogecoin were even greater than Bitcoin's. 85 of the top 100 cryptocurrencies by market capitalization experienced declines, with privacy-focused projects Monero and Zcash falling by 10% and 8% respectively.</p><p class="text-left mb-4 ">
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</p><p class="text-left mb-4 ">The US Consumer Price Index (CPI) fell from 2.7% in January to 2.4% year-on-year. This data, indicating a gradual slowdown in inflation, strengthened expectations that the Fed could make at least two 25 basis point interest rate cuts this year. Indeed, the US 10-year Treasury yield fell to 4.05%, its lowest level since early December.</p><p class="text-left mb-4 ">Following the inflation data, Bitcoin rose from $66,800 to over $70,000 over the weekend. However, this level could not be sustained, and the price retreated back to the $68,000 range. This shows that the attempts at upward movement in the market have not yet found strong demand support.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">What do the experts say?</h2><p class="text-left mb-4 ">According to Vikram Subburaj, CEO of the India-based cryptocurrency exchange Giottus, selective demand is emerging in the market. Subburaj stated that risk appetite remains limited and macroeconomic uncertainties are pushing investors to be cautious. He noted that the trend of reducing leverage continues in derivative markets, with investors first shrinking their positions and then searching for direction. The inability of rallies to be sustainable and the fact that declines are only met with limited buying at significant support levels supports this cautious atmosphere.</p><p class="text-left mb-4 ">The weak market outlook is not limited to short-term price movements. Analysis companies point out that Bitcoin has lost momentum since mid-2025 and that the bearish trend is gaining strength in technical indicators. In particular, the weakening momentum and decrease in volume make it difficult for upward attempts to be sustainable.</p><p class="text-left mb-4 ">A more cautious picture was painted in the latest assessment shared by Matrixport. The company stated that on-chain data shows that short-term investors are significantly in losses, which could create additional selling pressure in the market. It also noted an increase in large wallet activity, with some whales positioning themselves on the short side for profit realization or risk reduction.</p><p class="text-left mb-4 ">The decline in trading volumes is also noteworthy. According to analysts, the price pressure concentrated around the $68,000 range is raising concerns that a strong bottom has not yet formed. It is emphasized that downward breaks could be sharper in an environment of weak liquidity, therefore investors continue to position themselves cautiously.</p><p class="text-left mb-4 ">In the coming days, eyes will be on the Fed's January meeting minutes and the core Personal Consumption Expenditures (PCE) price index, which the Fed closely monitors as an indicator of inflation. Nexo analyst Dessislava Laneva emphasized that the PCE data, in particular, will be decisive in determining whether price pressures are truly weakening. Monthly momentum and annual trend could provide new signals regarding the direction of monetary policy.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Yen movement could give a critical signal for Bitcoin</h2><p class="text-left mb-4 ">There are also noteworthy developments in traditional markets. Mark Nash from Jupiter Asset Management, who has long been known to hold a negative position against the Japanese yen, recently changed his view and predicted that the yen could strengthen. Nash expects a strengthening of around 8-9 percent, especially against the Swiss franc. The record-high positive correlation between the Japanese yen and BTC in recent months makes a potential strengthening of the yen a significant catalyst for the cryptocurrency market. Therefore, not only US data but also movements in currency markets could be decisive in determining Bitcoin's direction. In short, despite the slowdown in inflation and expectations of interest rate cuts, a cautious atmosphere persists in the cryptocurrency market.</p>
