Bitcoin has broken through its recent support levels, testing the $58,000 mark amid renewed selling pressure.
The sharp decline occurred even after US inflation data came in line with market expectations, suggesting that macroeconomic relief is no longer sufficient to halt the digital asset's downward trajectory.
That brief reprieve had halted a months-long decline, with the asset trading around $62,689 on Wednesday.
The move marks a significant deterioration from earlier in the week, when Bitcoin had found temporary stability near $62,900.
That brief reprieve had halted a months-long decline, with the asset trading around $62,689 on Wednesday.
However, the latest drop indicates that buyer interest has evaporated, pushing the price toward its lowest levels in two weeks.
The disconnect between stable inflation readings and falling crypto prices highlights a shift in market dynamics.