Bitcoin fell below $70,000 after reaching new high for fifth time in seven days
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The largest cryptocurrency slid as much as 9% to $65,565, after previously reaching an all-time high of $73,797. Other tokens, like Ethereum, Shiba Inu and XRP, also plummeted. U.S. equities and cryptocurrencies slumped as another strong inflation report bolstered betting that the Federal Reserve may not be in a hurry to cut interest rates, even as some sectors of the economy show symptoms of slowing. Low interest rates tend to increase the appeal of cryptocurrencies.
In contrast, Bitcoin faces tough resistance between $70,180 and $71,340. This barrier is fortified by 533,300 addresses, which collectively own 433,000 Bitcoin.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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