Bitcoin has entered bear territory, declining by 25% from its all-time high due to macroeconomic uncertainty and political factors. The correlation between Bitcoin and Wall Street is highlighted, with Bitcoin being considered a risk-on asset. The recent $1.5 billion hack of Bybit has also contributed to the downturn in the crypto industry. Political uncertainty, particularly regarding regulatory developments under the Trump administration, has disappointed some investors. The $70,000 level is seen as a crucial support zone, and a break below could lead to further selling pressure. Altcoins have also been impacted, with Solana and Ethereum facing additional selling pressure due to specific events. The future of Bitcoin will depend on macroeconomic conditions and regulatory developments, and favorable actions from the Trump administration could potentially benefit Bitcoin.



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