Bitcoin Slumps to 10-Day Low as Buying Power Fails to Sustain Relief Rallies
Bitcoin's price has fallen to a ten-day low of $63,000 after being rejected at $65,600. This drop comes as a relief rally in the crypto market failed to sustain itself. The broader bearish trend remains, indicating that buying power is insufficient to reverse it.
The latest relief rally was an example of this, where Bitcoin's push to $65,600 was met with rejection and a subsequent fall to its current price. This has raised concerns about the downside risk to crypto prices and limited momentum for adoption, DeFi activity, and exchange-driven demand.
Crypto markets have seen repeated relief rallies in recent months that ultimately failed to reverse the bearish trend. The lack of sufficient buying power has been a major factor in this, with Bitcoin's price struggling to gain traction above $65,600.