Bitcoin Hits 12-Week Low as Fed Rate Fears Undo Most of Summer Rally
Bitcoin fell about 4.5% in 24 hours to roughly $68,500, its lowest level in 12 weeks, as inflation concerns and continued withdrawals from U.S. spot Bitcoin ETFs weighed on crypto markets. Ethereum and Solana also declined. ETF outflows totaled about $1.49 billion over six sessions, though the funds retain roughly $55.5 billion in cumulative net inflows. Stronger-than-expected core inflation and rising producer prices have increased expectations of a Federal Reserve rate hike, making riskier assets less attractive. Technical indicators point to bearish momentum, despite an oversold reading and a longer-term bullish moving-average pattern. Traders are watching support near $67,650 and upcoming Fed minutes and inflation data for clues on prices and interest-rate expectations.
