Bitcoin has entered the beer territory, which is 25% below its all -time high, as macroeconomic uncertainty and political factors are touching investors.
Speaking Bloomberg TVCrypto Reporter Emily Nicole argued that Bitcoin (BTC) “is still a very risky property” which is highly correlated to a change in macroeconomic landscape. For example, what happens on Wall Street will be played in bitcoin.
The recession is also fuel by failures within the crypto industry, especially as a result of the $ 1.5 billion hack of the bibit last week as a result of the “rough period” for the sector.
Political uncertainty is another factor, he said. Some investors were expecting clear regulatory development from the Trump administration, but they are precious expectations. He said:
“Some things Trump promised to do on the campaign mark, not yet come, and they are catalysts we are seeing as a possible upside for bitcoin.”
Where does Crypto go next?
Investors are closely looking at the level of $ 70,000 as a major psychological and technical support sector.
“If it continues to go down, this is the next point where we will start thinking,” Okay, this is where there is a lot of risk, “Nicole explained.
He also stated that the option markets are heavyly focused around this limit, which means that a break below may trigger further sales pressure.
Meanwhile, a comprehensive cryptocurrency market with bitcoin is faced. Altcoins “All are also victims, as expected,” she said. In fact, some coins face high sales pressure.
Solana (Soul) has become particularly difficult hit after a meme coin scam tied to the President of Argentina. Meanwhile, Etreum (eth) sales pressure can be attributed to its cooperation with $ 1.5 billion hacks.
“Without any possible reverse, bitcoin is the tide that picks up all boats. If bitcoin struggles, other cryptocurrency finds even more difficult, ”Nicole said.
Next trick for bitcoin
The next step of bitcoin will depend on comprehensive economic conditions and regulatory development. If the Trump administration introduces any form of proper stabechoin law or Pro-crypto policies, the recent OES of bitcoin “may be a boon for bitcoin,” he argued.
“But if things do not move forward, and the market improves elsewhere, the bitcoin will probably continue to struggle.”
