Bitcoin (BTC) resumed its downward trajectory on Thursday, falling toward $65,645 at the time of writing after once again failing to break through the major $70,000 resistance level.<\/p>\n
The pullback in the leading cryptocurrency has rippled across the broader digital asset market, with large-cap tokens, including Ethereum (ETH), XRP, and Solana (SOL),\u00a0posting similar declines.<\/p>\n
Market expert Ash Crypto attributed the latest selloff to two primary forces: deteriorating US economic data and the rising likelihood of a federal government shutdown.\u00a0<\/p>\n
In a post <\/a>published on X, he pointed to a series of weak macroeconomic indicators that have raised fresh concerns about the strength of the American economy.<\/p>\n US home sales declined by 8.4% last month, marking the sharpest drop in nearly four years. At the same time, initial jobless claims came in higher than expected, signaling potential softness in the labor market.\u00a0<\/p>\n Taken together, these developments suggest the economy may be losing momentum, increasing the risk of a recessionary environment.<\/p>\n Compounding those concerns is the growing threat of a government shutdown<\/a>. According to Ash, the probability of a shutdown occurring this week has surged to 96%. Such an event would likely weigh on both traditional financial markets and cryptocurrencies by tightening liquidity conditions.\u00a0<\/p>\n He argued that the US economy is entering a period of turbulence that is already affecting equities, Bitcoin, and the broader digital asset market. In his view, market weakness could persist until there is a positive catalyst, such as a new trade agreement announced by President Donald Trump or a liquidity injection.<\/p>\nBitcoin At Risk?<\/h2>\n