Bitcoin's price falls below $65,000 for the first time in over a month.

On Tuesday, the broader cryptocurrency market fell due to concerns about the global economy and lower summer liquidity.

The price of bitcoin fell by 4% to $3,401.37, according to Coin Metrics, dipping below $3,500 for the first time since May 16. Earlier in the day, it reached a low of $3,367.91.

While Ripple's token declined by 6%, Solana's token slid by 7%, and Bitcoin tumbled by 11%.

Marko Jurina, CEO at Jumper.Exchange, a DEX that enables users to swap and bridge cryptocurrencies across blockchain networks, stated that traders often sell at a discount or exit riskier positions when they are unimpressed with the economy or markets' performance, waiting for uncertainty to clear up.

"Jurina stated that economic conditions worldwide are deteriorating, geopolitical issues remain unresolved, and markets are thin during the summer months. As a result, it is likely that markets will experience parabolic movements in one direction or another in the coming months, with many individuals away from their desks during holidays and the U.S. presidential election."

The Nasdaq Composite fell 0.1% and the S&P 500 was little changed after weak U.S. retail sales data for May. The Nasdaq Composite's shares were down 3%, while the S&P 500's shares dipped 1%.

Bitcoin has been struggling to maintain its $70,000 value since it reached a record high of $73,797.68 on March 14. It last tested that level in early June. Bitcoin has lost 4% of its value in the past month and 9% in the past quarter.

Bitcoin's downside may be limited, but there's no evidence of bullish momentum at the moment. On-chain data shows that traders have been reducing their holdings since bitcoin hit $70,000 in late May and have not yet started buying.