Bitcoin Price Plummets Below $64,000 as Market Faces Multiple Pressures

The cryptocurrency market is experiencing another slide, with Bitcoin failing to break through the $67,000 mark. The price of Bitcoin has dropped below $64,000, a decrease of 1.65% on the day.

This decline comes after several pressures stacked up at once, including oil and inflation concerns. Rising crude prices have reignited inflation worries, causing investors to retreat from riskier assets like altcoins. The spot Bitcoin ETFs recorded their first outflows in seven days, which was a key factor supporting the July bounce.

Total liquidations hit $282 million on 24 July, with $192 million of that coming from long positions. Sentiment has deteriorated alongside these developments, with the Fear and Greed Index falling to 37, firmly in fear territory.