According to ChainCatcher, Rachael Lucas, a crypto analyst at BTC Markets, said, “Bitcoin appears to be overbought on the daily chart, and prices have begun to fall after reaching a high of $66,498 last Friday. Momentum has weakened since last week.”

Lucas noted that Ethereum is also facing challenges in regaining momentum, having lost momentum after breaking above its 50-day simple moving average last week. According to TheBlock's Ethereum price page, Ethereum is down 1.69% over the past 24 hours and is currently trading at $2,626. Meanwhile, investors are focusing on two key macroeconomic events this week: Federal Reserve Chairman Powell's speech to the National Association for Business Economics on Monday, and the U.S. non-farm payrolls report on Friday. Lucas said, "Powell's remarks, especially on inflation and interest rates, often move the market, and cryptocurrencies are no exception. Any hawkish tone could further exacerbate risk aversion, leading to today's decline."