Bitcoin extended its decline to a six-month low as global risk appetite weakened, prompting traders to cut exposure to volatile digital assets. The dominant cryptocurrency faced selling pressure amid rising macro uncertainty, shifting rate expectations, and reduced liquidity in derivatives markets. Analysts noted that funding rates and open interest signaled waning bullish conviction. Broader sentiment remained fragile as investors focused on upcoming policy data that could influence global asset flows. The downturn aligned with weakness across major altcoins, reinforcing defensive positioning among crypto participants.