$BTC Bitcoin (BTC) is currently experiencing turbulence, with its price recently failing to break the $62,000 resistance level and dropping below the $60,000 level. This decline marks a correction of around 6% from recent highs earlier this month. Several factors are contributing to this decline, including significant selling pressure from short-term traders, as well as broader market volatility influenced by macroeconomic factors and external events such as large-scale Bitcoin sell-offs by entities such as FTX creditors and the U.S. government. .

Current market sentiment suggests a consolidation phase where Bitcoin is trading in a tight range between $58,000 and $62,000. Technical analysis suggests that $62,000 remains a key resistance level that Bitcoin must break to resume its bullish trend. However, the possibility of a breakout in the near term appears limited, suggesting that Bitcoin may continue to face downward pressure.

In the broader crypto market, other digital assets are experiencing similar volatility, with significant liquidations across the board, affecting over 87,000 investors and resulting in losses exceeding $300 million.#Binance #Trader