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The cryptocurrency market experienced a sharp decline due to rising concerns about the U.S. economy. Bitcoin 
$106,698 dropped to $76,000, a level not seen in four months. In the past 24 hours, nearly $1 billion in positions were liquidated in the futures market, prompting panic selling among traders. After a five-day losing streak, Bitcoin found some stability around $80,000. Recent analyses indicate that the likelihood of a recession in the U.S. has risen to 40%, influencing market dynamics alongside expectations of interest rate cuts from the Federal Reserve.
Reasons Behind Bitcoin’s Decline
Uncertainties in the U.S. economy have been a significant contributor to Bitcoin’s recent value loss. Experts argue that President Donald Trump‘s policies, such as tariffs, have pressured the Federal Reserve to consider interest rate cuts. Market analyst Anthony Pompliano noted that Trump’s actions have created instability in the stock markets, putting further pressure on Fed Chairman Jerome Powell.
Bitcoin Price Analysis and Commentary
Despite Bitcoin’s drop to $76,900, maintaining its position above the 50-week Exponential Moving Average (EMA) is seen as a positive signal. However, if selling pressure continues, the critical support level of $73,750 from March 2024 may be tested. Analysts warn that breaking this level could lead to a more severe decline.
On the other hand, if Bitcoin remains above $80,000, the possibility of a recovery may return to the table. In this scenario, Bitcoin could aim for a target of $85,000. Movements in market liquidity and upcoming statements from Federal Reserve officials will play crucial roles in determining the short-term trajectory of the cryptocurrency market.
