Bitcoin is edging closer to the $63,000 mark amid a broader sell-off in technology stocks that has also impacted Asian markets. The cryptocurrency has experienced a decline of over 3% this week, reflecting a retreat from riskier assets.
Currently trading at approximately $63,640, Bitcoin has decreased by 0.9% in the last 24 hours and 3.3% for the week, following a peak of around $65,076 earlier this week. Other cryptocurrencies are following suit, with Ethereum down 0.9% to $1,719, and XRP falling 1.6% to $1.12, marking a 9% weekly drop. Solana and Dogecoin have also seen losses of 3.4% and 6.6% respectively over the last week, though Tron has gained 1.3% during the same period.
The tech sector's downturn is attributed to a significant sell-off, leading Asian stock markets to decline, with South Korea's Kospi dropping over 6%. This decline in equities is compounded by weak demand from U.S. institutions, as indicated by the widening negative Coinbase premium and issues surrounding Strategy’s STRC preferred stock, which is pressuring Bitcoin's price. Analysts suggest that if Bitcoin falls below the $59,000 to $60,000 support level, it may trigger further selling.
