Can Bitcoin hold US$82,000? Inside the security fear and macro storm
Bitcoin is down 1.05 per cent to US$83,491.07 in 24 hours. The total crypto market has fallen 1.49 per cent to US$2.86 trillion. My view is that this decline is not one single story. It is a two-part selloff in which a major security breach and a broader macroeconomic risk-off shift have collided. The Bitget […] The post Can Bitcoin hold US$82,000? Inside the security fear and macro storm…
Bitcoin has experienced a sharp decline of 1.05% to $83,491.07 in the last 24 hours, while the total crypto market has fallen 1.49% to $2.86 trillion. This decline stems from two main factors: a major security breach on the Bitget exchange and a macroeconomic risk-off shift. Bitget's hack, with stolen funds reported at $387.5 million, triggered a loss of confidence in centralized exchanges.
This security fear, coupled with rising yields and geopolitical tension, has led to a domino effect of selling across the sector. The correlation between Bitcoin and gold, at 48% and 55% respectively, indicates that investors are moving away from risk assets. The Bitget hack and subsequent liquidations have further exacerbated the downward pressure on Bitcoin.
Technical analysis shows that Bitcoin has broken below its recent $83,000 to $85,000 range, currently facing key support levels at $82,000 and the broader sector's $2.85 trillion. The outcome of the upcoming PCE price index data and FOMC interest rate decision will be crucial in determining the next steps for Bitcoin and the overall market.
Written by urgent.news from e27's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
