Bitcoin Sell-off To $65K Likely As Traders Run From Global Risks
Bitcoin corrected 7% as weak US data and rising oil prices sparked a risk-off sentiment, pushing support levels toward $65K.Summary
Bitcoin experienced a 7% correction, falling from $74,000, driven by weak US macroeconomic data, rising oil prices, and ongoing geopolitical tensions between the US and Iran. This risk-off sentiment caused investors to flee risk assets like Bitcoin and the S&P 500, favoring safe havens like gold. Despite cooling labor market data, investors doubt the Federal Reserve will cut rates due to inflationary pressures from energy costs. Furthermore, anxiety is rising in the private credit market, evidenced by large redemption requests at BlackRock and Blackstone funds. While technical support around $68,000 was tested, analysts suggest that geopolitical and macroeconomic uncertainty, rather than structural collapse, is driving the weakness, though there are currently no clear signs that Bitcoin will decisively break below the $65,000 support level.
(Source：Cointelegraph)