Bitcoin experienced a significant decline, falling to around $55,300, marking a seven-day loss exceeding 5% as the broader digital asset market also dropped over 1.3%.
The 200-day simple moving average for Bitcoin signals bearish sentiment for the first time since October, indicating a shift in market dynamics amidst macroeconomic uncertainty.
JPMorgan reported the crypto market experienced a 24% drop since March, citing a lack of catalysts to support prices amid challenging macro conditions and disappointing ETF flows.
The anticipation surrounding the forthcoming U.S. nonfarm payroll report raises the possibility of a 50 basis points interest-rate cut, further impacting market sentiment.
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