Is Crypto Crashing? Bitcoin Slips Below $67K While Market Braces For US Jobs Report

Bitcoin’s price fell below $67,000 amid investor caution ahead of several U.S. economic data releases this week, starting with unemployment numbers on Wednesday.

• A Stocktwits poll showed most retail traders expect Bitcoin’s price to remain below $100,000 this year.
• An analyst warned that a break below the $66,000 level could trigger another decline toward $60,000, as last week.
• BNB led losses among the top 10 cryptocurrencies by market capitalization as altcoins underperformed Bitcoin’s slide.

Bitcoin (BTC) fell to under $67,000 again on Wednesday morning with the broader cryptocurrency market turning cautious ahead of today’s employment report. 

Investors are also watching jobless claims on Thursday and inflation data on Friday for clues about how the Federal Reserve is thinking about interest rate cuts ahead of its March meeting. Currently, the CME Group’s Fed Watch Tool showed market pricing in a 78.8% probability that rates are going to remain unchanged.

Retail Sentiment Points To Cautious Outlook

Bitcoin’s price has fallen around 3.5% in the last 24 hours to around $66,700. On Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘bearish’ territory over the past day, while chatter fell to ‘high’ from ‘extremely high’ levels.

An ongoing poll on the platform reflects this sentiment, with most respondents betting that Bitcoin will top out below $100,000 this year. Only 25% believe BTC’s price can move higher to $150,000, and another 20% think it set new record highs between $150,000 to $200,000. Only 15% of respondents expect the price to exceed $200,000.

One bearish user said Bitcoin’s price could fall to as low as $35,000 this year.

Another blamed traditional financial institutions for the drain on crypto and believes it’s unlikely that BTC’s price would be able to cross $135,000 this year.

In a post on X, analyst Ted Pillows said that Bitcoin’s price needs to stay above $66,000, otherwise it could be headed back towards $60,000.

Altcoins Join Market Decline

Binance Coin (BNB) was the worst hit among the top 10 cryptocurrencies by market cap on Wednesday. BNB’s price was down 5.7% to around $594.

Ripple’s XRP (XRP), Solana (SOL), and Cardano (ADA) each fell more than 4%. Dogecoin (DOGE) and Ethereum (ETH) saw drops of over 3% each. Ethereum’s price fell back below the $2,000 marker to around $1,944. Retail sentiment around the leading altcoin on Stocktwits, however, remained in ‘bullish’ territory over the past day with chatter at ‘high’ levels. 

The overall cryptocurrency market fell 2.9% in the last 24 hours to $2.35 trillion. Data on CoinGlass showed liquidations rising to around $300 million, with long bets dominating the forced unwinds. Nearly half were from leveraged bets on Bitcoin, amounting to around $121 million, followed by Ethereum at nearly $90 million.

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