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Recently, Bitcoin 
$106,335 has encountered renewed selling pressure, with global market developments prompting cautious sentiment among market participants. The cryptocurrency briefly dipped to the level of $81,500. Certain formations that have emerged in technical analyses may signal a potential downward trend. This scenario carries significant implications for investors closely monitoring both technical indicators and macroeconomic data.
Technical Patterns Signal Risk
The technical correlation between Bitcoin and indices such as Nasdaq and S&P 500 has reached notable levels. Analysts are indicating that a downturn formation known as the “Death Cross” is becoming apparent on the charts. Compared to similar movements in the past, this situation suggests increased downward risks for the cryptocurrency market.
The psychological threshold of $80,000 stands out, with investors keenly observing whether the price will test this level. Additionally, the uncertainties in price movements have led cryptocurrency investors to adopt cautious positions. The weakening seen in technical indicators reveals that short-term directional searches are still ongoing.
Global Liquidity Tightening and US Data
Not only technical analyses but also economic data continue to influence the market. The notable tightening of global money supply in recent weeks has become a direct factor affecting the cryptocurrency market. Analyst Ali Martinez emphasizes that investors need to reassess their liquidity expectations during this period.
According to Martinez, Bitcoin miners have sold approximately 2,400 BTC in the past week, generating a movement worth $220 million. While this selling pressure may not have a significant short-term impact on prices, it does elevate the overall risk of a downward trend.
The recently released core PCE (Personal Consumption Expenditures) data from the US indicates that inflation pressures continue. This information strengthens expectations that the US Federal Reserve will not act hastily regarding interest rate cuts, while the decline in S&P 500 futures signals a decreasing interest in risky assets.
Gold Rises, Bitcoin Faces Criticism
Bitcoin’s recent attempt to reach $90,000 ended abruptly with a swift retreat. This situation has once again highlighted the presence of strong resistance points in the market. As economic uncertainties rise, investors are notably turning to gold as a safe haven.
Gold prices surpassing $3,090 and reaching new records have also reignited criticism of Bitcoin from certain economists. Long-time Bitcoin skeptic Peter Schiff has cautioned investors, stating, “If you believe Bitcoin is digital gold, think again.”
Schiff’s statements resonate more during times when Bitcoin is perceived as a risky investment vehicle. The relationship between Bitcoin and traditional market instruments becomes clearer during periods of high volatility, necessitating careful short-term investment decisions.
