Bitcoin, the world’s leading cryptocurrency, experienced a sharp decline of 10% in its value over the past 24 hours, as bearish sentiment continues to dominate the crypto market. The drop comes amid growing concerns over macroeconomic factors, including rising interest rates and regulatory scrutiny.

Analysts attribute the sell-off to a combination of profit-taking by investors and fears of a prolonged market downturn. “The crypto market is highly sensitive to external pressures, and Bitcoin is no exception,” said one market expert. “We’re seeing a classic risk-off scenario where investors are moving away from volatile assets.”

The decline has also impacted other major cryptocurrencies, with Ethereum, Binance Coin, and Solana all posting significant losses. Traders are now closely watching key support levels for Bitcoin, with some predicting further downside if the bearish trend persists.

Despite the downturn, long-term Bitcoin proponents remain optimistic, citing the cryptocurrency’s resilience in previous market cycles. “This is a normal correction in a volatile market,” said a crypto analyst. “Bitcoin has weathered worse storms and emerged stronger.”