The crypto market is down -2.51% to $2.04T in 24h, primarily driven by a rates-driven selloff following hotter-than-expected U.S. inflation data. It shows a strong correlation (85%) with the S&P 500, indicating a shared macro-driven move.
1. Primary reason: A hawkish PCE inflation print triggered a broad risk-asset selloff, with Bitcoin leading the decline.
2. Secondary reasons: Massive ETF outflows and a derivatives liquidation cascade amplified the downward pressure.
$BTC 3. Near-term market outlook: If Bitcoin fails to reclaim $62,000, a test of the $55,000–$57,000 support zone is likely. A pivot hinges on the next Federal Reserve signals.
1. Primary reason: A hawkish PCE inflation print triggered a broad risk-asset selloff, with Bitcoin leading the decline.
2. Secondary reasons: Massive ETF outflows and a derivatives liquidation cascade amplified the downward pressure.
$BTC 3. Near-term market outlook: If Bitcoin fails to reclaim $62,000, a test of the $55,000–$57,000 support zone is likely. A pivot hinges on the next Federal Reserve signals.