Bitcoin fell near 64,200 on Monday before recovering around 66,000 during European trading but bearish momentum remains strong as price slipped below key support levels.
Without a clear improvement in sentiment BTC could test the 60,000 area soon. The overall crypto market also weakened with total capitalisation falling to nearly 2.25 trillion as major coins faced selling pressure.
Large capital outflows over recent months along with declining on chain activity and lower miner revenues are adding pressure to the market. While retail traders continue buying dips institutional investors have reduced exposure increasing the risk of a deeper correction toward the 50,000 to 55,000 support zone if weakness continues.
