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Bitcoin fell back below the $70,000 level during Asian trading on Tuesday, once again struggling to sustain recent gains as investors adopted a cautious stance ahead of crucial U.S. economic data releases.
The world’s largest cryptocurrency was last trading 2.2% lower at $69,392.7 by 05:58 GMT, after failing to build on a rebound from recent lows near $60,000.
Bitcoin range-bound ahead of U.S. macro data
Bitcoin has largely traded within a narrow $68,000–$72,000 range in recent sessions, following a highly volatile period last week. Prices had plunged to around $60,000 — their weakest level since October 2024 — before a relief rally briefly pushed the token back above $70,000.
The earlier slide was driven by liquidation-heavy selling, as leveraged positions were rapidly unwound when prices fell through key technical levels.
Market attention has now shifted to upcoming U.S. macroeconomic indicators that could influence expectations for Federal Reserve policy. The monthly U.S. jobs report, delayed due to a brief government shutdown, is scheduled for release on Wednesday, while the closely watched Consumer Price Index (CPI) inflation data is due on Friday.
These reports are likely to shape rate-cut expectations and broader risk sentiment, both of which remain key drivers for cryptocurrencies.
Adding to caution, investors are also assessing the potential implications of a leadership change at the Federal Reserve following President Donald Trump’s nomination of Kevin Warsh as the next Fed chair. Warsh is widely viewed as more hawkish, raising concerns that tighter liquidity conditions could weigh on speculative assets such as Bitcoin.
South Korean exchange error raises regulatory concerns
Sentiment in the crypto space was also rattled by news from South Korea, where major exchange Bithumb accidentally transferred roughly $44 billion worth of Bitcoin to users during a promotional rewards event.
The error occurred on Friday when accounts were mistakenly credited with 620,000 bitcoins instead of small cash rewards. The glitch triggered a brief sell-off before being identified, with the exchange later recovering 99.7% of the misallocated coins.
The incident has prompted renewed calls for tighter regulation. Lee Chan-jin, governor of South Korea’s Financial Supervisory Service, said the episode exposed structural weaknesses in digital asset systems and highlighted the need for stronger oversight and clearer legislation governing virtual assets.
Altcoins remain under pressure
Broader cryptocurrency markets also traded lower. Ethereum, the second-largest token by market value, slipped 2% to $2,052.92, while XRP fell 1% to $1.43.
Solana declined 1.6%, and both Cardano and Polygon dropped around 2.5%. Among meme tokens, Dogecoin edged down 1.8%.
With volatility elevated and key macro data approaching, investors appear reluctant to take fresh positions, leaving Bitcoin and the wider crypto market vulnerable to further swings in the near term.
