Bitcoin Price Prediction: Why BTC Could Rally This Week as $70K Risk Persists

However, BTC declined 2.6% over the past week and approximately 8% during the past month. The global cryptocurrency market capitalization stood near $2.64 trillion, down 0.15% over the previous 24 hours.

Ethereum (ETH) traded near $2,239.21, while XRP Bitcoin's market outlook has deteriorated after US spot exchange-traded funds lost $1.28 billion in a week, while stronger employment figures and uncertainty over cryptocurrency legislation have added pressure on prices. In its latest weekly market analysis shared with crypto.news, Bitfire Research said Bitcoin has entered a period of declining prices and uncertainty over where the market could find a bottom, with investors now awaiting US inflation data and further signals from the Federal Reserve.