Bitcoin Price Slips Below $62K Amid Rising Selling Pressure

Bitcoin's price has dropped below $62,000, approaching the $61,000 level due to weakening demand and rising selling pressure from short-term holders.

The move comes amid a broader risk-off environment across global markets, with liquidity shifting towards equities and forex.

New on-chain data shows a significant contraction in market activity, indicating that overall demand for Bitcoin has deteriorated to its weakest point in the current cycle.

According to analysts, this decline is due to negative macroeconomic conditions, including elevated bond yields, persistent inflation, and geopolitical uncertainty.