Bitcoin (BTC) has come under modest sell pressure on Thursday amid a rise in US bond yields and the US Dollar Index (DXY) as a result of stronger-than-expected US economic data.
Despite Bitcoin (BTC)’s promising 76% rally year to date (YTD), some relative stagnancy and a modest decline this month has the digital currency market losing its momentum over the stocks.
Bitcoin (BTC) remains stuck to the south of the $29,000 level amid a lack of fresh positive catalyst to sustain the bullish momentum that saw it hit fresh yearly highs around $31,800 earlier this month.
With the upcoming Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, market participants are eagerly awaiting the outcome and its potential impact on various financial assets, including Bitcoin.
Bitcoin, the world's leading cryptocurrency, is facing a dip of 3% as it trades at $29,171 on Tuesday. The failure to sustain higher price levels may have influenced aggressive bearish sentiments, leading to short positions, while short-term bulls have chosen to secure their profits.
Leveraged long positions in the bitcoin (BTC) futures market worth $41.5 million were liquidated on Monday, the second largest daily for long liquidations so far this month, as per CoinGlass.com.
In cryptocurrency's ever-evolving landscape, Bitcoin's price continues to capture attention as it trades at $29,723, experiencing a slight decrease of nearly 0.50% on Monday.