The recent downturn in Bitcoin’s price can be attributed to a combination of factors:

Long Liquidations: A significant number of long positions were liquidated in the futures market, leading to a sharp 8% drop in Bitcoin’s price from $72,000 to $66,5001.

Macroeconomic Pressures: The macroeconomic environment, including higher-than-expected US Producer Price Index (PPI) data and rising bond yields, has increased expectations for the Federal Reserve’s interest rate policies, adding pressure on Bitcoin’s value2.

Negative Coinbase Premium and ETF Dynamics: A negative Coinbase Premium and a decrease in inflows to the spot Bitcoin ETF indicate a bearish sentiment from US markets, contributing to the price decline3.

Currently, the Bitcoin price stands at 67,738.00 USD4. Market analysts suggest that while the price may experience further short-term volatility, there is potential for a rebound in the near future123. It’s important to note that cryptocurrency markets are highly volatile and can change rapidly. For the most up-to-date information, it’s recommended to follow reliable financial news sources and market analyses.