Why is bitcoin price fallin? (Image: AI Generated)
Bitcoin and the broader crypto market have been under pressure as traders await key U.S. jobs data, with selling intensifying across the market. The world’s largest cryptocurrency plunged nearly 3 percent on February 11 at $67,532 as of 10:54 am IST.
“This pullback comes even as on-chain data shows renewed accumulation by long-term holders, indicating that larger participants are adding to positions while shorter-term traders retreat. With liquidity tightening and volatility elevated, prices remain sensitive to macro catalysts,” said Avinash Shekhar, Co-Founder & CEO, Pi42.
Riya Sehgal, Research Analyst, Delta Exchange, in the short term, a decisive break below $68,000 would open the path to $67,650 and potentially $65,500–$65,000, where stronger support lies. On the upside, only a clear close above $71,000–$71,500 would flip momentum, targeting $72,000 and possibly $73,500–$74,500 in a meaningful relief rally.
Ethereum was down 4.21 percent, XRP 3.93 percent, BNB 3.97 percent, Solana 4.74 percent, Dogecoin 3.27 percent, and Bitcoin Cash 1.01 percent. At the same time, Tether and USDC were up by 0.01% over the last 24 hours.
According to the CoinDCX research team, the top gainers for the day include Pippin and LayerZero, with over 36.98% and 22.67% jumps, respectively, followed by Aster, which surged over 7.43%. MYX Finance dropped by 14.36%, followed by Decred and CurveDAO, down 8.64% and 7.26%, respectively.
Here’s how the price of cryptocurrencies has moved.
Why is Bitcoin down? Should you invest?
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BTC pulled back toward the $68.5K region before dip buyers quickly stepped in to stabilise prices after a brief move lower. The recovery that followed has been measured, with BTC trading below $70K. Institutional demand has shown up in the BTC price drop, with BTC ETFs seeing roughly $516 million in net inflows over recent sessions.
“This indicates fresh participation from institutional players, reinforcing confidence in the longer-term outlook and fundamentals. For now, BTC appears to be digesting recent moves, likely trading between $68.5K support and $70K resistance until a clearer breakout sets the next direction,” said CoinSwitch Markets Desk.
Vikram Subburaj, CEO, Giottus, advises that for BTC, the $68,000 zone is now the first line of defence. If this gives way, the market’s recent ‘washout’ area near $60,000 comes back into view. Prudent traders are watching for a clean reclaim of $70,000 and then $71,000 as near-term resistance before risk appetite can credibly rebuild.
“In this tape, keep position sizes modest, avoid leverage, and use staggered buys only if $68k holds. If not, prioritise capital protection and wait for signals of stability. Importantly, this is a compelling accumulation price point for long-term investors to buy BTC. They should not infuse risk-assessed levels of capital through instruments like crypto SIPs. For them, the upside can be huge in the next run.”
Meanwhile, Goldman Sachs has disclosed $2.36 billion in crypto, including $1.1 billion in BTC, $1 billion in ETH, $153 million in XRP, & $108 million in SOL. FTX co-founder Sam Bankman-Fried files for a retrial in the FTX fraud case and says he never filed for bankruptcy.
The European Union proposes banning all crypto transactions with Russia to prevent sanctions evasion. On the other hand, Bitcoin’s net inflow of new investors has turned negative, signalling an early bear market as sell-offs are not absorbed by fresh capital.
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