Bitcoin's price movement today has been influenced by a combination of macroeconomic factors and regulatory developments. The cryptocurrency market is reacting to a stronger-than-expected U.S. private payrolls report, which suggests that the Federal Reserve might maintain higher interest rates for a longer period. This has put pressure on Bitcoin, as higher rates typically lead to a stronger dollar, making riskier assets like cryptocurrencies less attractive. Additionally, the SEC's recent announcement of a new Crypto Task Force aimed at clarifying regulatory guidelines has added a layer of uncertainty, as the market awaits more concrete regulatory frameworks.
Moreover, Bitcoin's price is also being affected by its current trading below the 2025 average realized price level of $100,356. Historically, this level has served as a strong support, but the current dip below it raises concerns about potential further declines. Over 2.6 million Bitcoin are currently at a loss, which could lead to increased selling pressure if the price remains below this support level for an extended period. "The longer it sustains a price below the 2025 average, the greater the chance further declines could be in order," noted analysts from Glassnode.
Bitcoin's price has seen a slight decline of 0.39% today, currently trading at $97,428.98. It reached a high of $98,884.63 and a low of $96,550.88 during the day.