Bitcoin declined during the Asian trading session. Analysts at Novaque Research said that the cooling of expectations for the Federal Reserve's interest rate cut and continued concerns about US inflation continue to drag down demand for crypto assets. Meanwhile, as more leveraged traders bet on long-term gains and additional Bitcoin supply enters the market, Bitcoin is likely to face more selling pressure. Novaque added that if the price fails to rise, these traders may be forced to deleverage, which could trigger another wave of sell-offs. Bitcoin fell 0.2% to $64,253.50.

Bitcoin declined during the Asian trading session. Analysts at Novaque Research said that the cooling of expectations for the Federal Reserve's interest rate cut and continued concerns about US inflation continue to drag down demand for crypto assets. Meanwhile, as more leveraged traders bet on long-term gains and additional Bitcoin supply enters the market, Bitcoin is likely to face more selling pressure. Novaque added that if the price fails to rise, these traders may be forced to deleverage, which could trigger another wave of sell-offs. Bitcoin fell 0.2% to $64,253.50.