๐ BTC Market Analysis: Where is the Bottom?
The selling pressure on #BTC is intense, with the price recently losing the $90,000 and even the $85,000 support levels, trading down to the $84k range.
Key factors driving this drop:
Macro Risk-Off: Broad market sentiment is risk-off, with a flight to safer assets like bonds and gold due to global uncertainty and a hawkish stance from the Fed.
Liquidations & Profit-Taking: High volatility and leveraged liquidations, combined with long-term holders cashing in profits, are adding to the downward momentum.
Regulatory Uncertainty: Stalled progress on key crypto regulation (like the 'Clarity Act') continues to dampen institutional confidence.
What to watch next:
The immediate critical support level to defend is reportedly the $80,000 mark. A failure to hold this could trigger a more severe correction.
My Take: While short-term pain is clear, institutional adoption via ETFs remains strong, suggesting that the fundamental value proposition of Bitcoin hasn't changed. This pullback might be a necessary shakeout. I am Bull โ on BTC in the short term.
