Bitcoin Briefly Tops $68,500 Before Dropping Below $66,000 as Dollar Strengthens

Bitcoin climbed to around $68,500 overnight before reversing during the U.S. afternoon and falling below $66,000, a move that coincided with a stronger dollar and hawkish Federal Reserve minutes, Bitfinex analysts told CoinDesk. The firm described the market as one that tends to move in waves rather than clear breakouts, noting that durable gains would need clearer confirmation from macro disinflation trends and sustained spot demand. Market sentiment remains fragile, with a crypto fear gauge printing single digits on nine of the past fourteen days and Glassnode observing stablecoin outflows from major exchanges and long-term holder stress similar to late bear-market phases in 2022.