Today, the cryptocurrency market continues to experience a significant decline, extending this week's wave of sell-offs. Today, the price of Bitcoin briefly fell below the $70,000 mark, dropping to around $69,100 at its lowest.

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At around 2 AM and 6 AM, the cryptocurrency market experienced two sharp declines again, with Bitcoin breaking below the psychological barrier of $72,000, dropping to a low of $71,723.

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Bearish on the rebound

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A sharp drop with no rebound, don't try to catch the bottom, you have already won by doing nothing!

The cryptocurrency market continues to decline! Bitcoin has fallen below 72,000, Ethereum has broken 2,100, where is the support under the pressure of the bears?

The recent sharp decline in the cryptocurrency bear market is primarily due to the resonance of multiple factors. The nomination of the Federal Reserve Chairman has triggered adjustments in monetary policy expectations, leading to market uncertainty and capital withdrawal, as well as the relationship between Bitcoin and the Nasdaq.