Bloomberg: Bitcoin's Slow Bleed Leaves Traders Despairing as Market Confidence and Institutional Demand Both Under Pressure

Odaily report: Bitcoin slid toward $62,000 at one point over the weekend, hitting its lowest level since July. Unlike previous sudden crashes, this decline had largely accumulated gradually through relatively calm trading before accelerating recently amid large-scale liquidations, keeping investor confidence under sustained pressure and leaving traders exhausted and despondent. On the macro front, the U.S. 10-year Treasury yield rose above 5%, the dollar strengthened, and persistent inflation intensified market expectations that the Federal Reserve will tighten policy.

Market analysis suggests that short-term direction depends largely on whether institutional demand can stabilize and whether the macro environment allows risk appetite to recover. Until then, any rebound may remain fragile and market volatility is likely to stay elevated. All financial markets are currently in a risk-off environment, with interest rates continuing to rise. Bitcoin's current decline has erased most of its earlier gains from below $65,000 to above $87,000, and the market is beginning to worry about whether it will further break below this year's low of around $58,000. (Bloomberg)