While Bitcoin and Altcoins Continue to Fall, Analysts Are Following These Developments for the Rise! Here are the Details

Major Cryptocurrencies Experience Downward Trend as US Bitcoin ETFs See Outflows

Major cryptocurrencies have faced significant declines, with the sustained outflows and profit-taking from US-listed Bitcoin exchange-traded funds (ETFs) contributing to the market pressure.

Dogecoin and Solana Lead Major Cryptos' Fall, Bitcoin Hovers Below $66K

Bitcoin (BTC) reversed its recent gains, dropping to around $64,569, while Ethereum (ETH) fell to $3,355, erasing their previous gains. BTC is testing its medium-term uptrend by trading near its 50-day moving average at $66,000. Bitcoin ETFs continued their poor performance, recording a net outflow of $145 million.

Among major tokens, Dogecoin (DOGE) and Solana's SOL suffered the most significant losses, both declining by as much as 9% over the past 24 hours. Other notable drops included:

• Ton Network's TON: 5%
• BNB Chain's BNB: 1.5%

Political Uncertainty and Dollar Strength Weigh on Bitcoin

Neil Roarty, an analyst at Stocklytics, attributes the decline to additional factors. "Political uncertainty triggered by Emmanuel Macron's decision to call early elections in France boosted the dollar, causing traders to sell the euro." A strong dollar tends to put downward pressure on Bitcoin, he explained, adding that lower interest rates and a weaker dollar are needed for BTC to approach $70,000.

Analyst Warns of Bearish Outlook for Ethereum

FxPro senior market analyst Alex Kuptsikevich expresses concerns about an overall bearish outlook, noting that positive Ethereum ETF developments have not significantly revived ETH prices. "Ethereum's brief dip below its 50-day MA on Friday was followed by a 6% gain due to ETF optimism. However, the subsequent 1.5% loss suggests caution regarding altcoin performance in the near term," he said.

Disclaimer: This information is not intended as investment advice.