Bitcoin drops below $68,000 this weekend, even though it touched $74,000 midweek. The same pattern keeps repeating - a continuous rally followed by sell-offs approaching the end of the week. Although daily movement fell by 0.63%, looking at the past week, it’s still up about 3%. The main issue is that the dollar is very strong this week, the strongest in a year. This directly impacts all risk assets, including crypto.

Altcoins are also falling together. Ether dropped 2% in a day, Solana down 3.4%, Dogecoin and BNB are also red, though not too severe. XRP fell 1%, but some say it’s still in an accumulation phase. Looking at on-chain data, the situation is interesting – 43% of Bitcoin supply is currently at a loss, so every small rally prompts some to sell to break even. That’s why the push to $74,000 couldn’t hold.

One positive thing is that stablecoin inflows surged dramatically this week, increasing by 415% with an inflow of $1.7 billion. This could be ready capital waiting for another entry opportunity. But everything still depends on macro conditions – a strong dollar, high inflation, and the possibility that the Fed will delay rate cuts. As long as these factors persist, crypto will continue to be under pressure.