As concerns over a potential U.S. federal government shutdown have resurfaced, analysts note that risk assets, including Bitcoin, have come under broad selling pressure.

According to The Block, Rick Maeda of Presto Research explained that the recent decline in Bitcoin is driven less by internal issues within the cryptocurrency market and more by macroeconomic factors such as growing political uncertainty in the United States.

Historically, the possibility of a federal government shutdown has often led to:

• Increased uncertainty across global financial markets

• A stronger risk-off sentiment among investors

• Simultaneous corrections in equities and cryptocurrencies

A similar market dynamic appears to be unfolding this time as well.

Against this backdrop, Bitcoin has fallen below the key psychological level of $87,000, continuing its short-term bearish momentum.

🔎 Bitcoin (BTCUSDT) Technical Analysis Based on the Daily Chart

■ Price Action

Bitcoin has extended its recent decline, with price action clearly moving below the $87,000 level.

After forming a local low near $86,600, the market saw a limited rebound; however, the recovery has lacked strong follow-through.

Both lower highs and lower lows remain intact, indicating that the broader downtrend structure is still in place.

■ Moving Averages (MA)

Short-term moving averages have already crossed below the medium- and long-term moving averages.

The medium- and long-term averages continue to slope downward gradually, suggesting ongoing downside pressure.

Price remains below key moving averages, which are currently acting as overhead resistance zones.

■ Trading Volume

Trading volume increased during the sell-off phase, followed by a noticeable decline in recent sessions.

This pattern suggests that, after an initial wave of heavy selling, the market has entered a wait-and-see phase.

At this stage, there is no clear evidence of strong buyer-driven volume returning to the market.

■ Chart Structure Summary

• Support weakened after the break below $87,000

• Price remains below medium- and long-term moving averages

• Rebound attempts have failed to reclaim previous highs

• The structure points to consolidation following a decline rather than a trend reversal

Summary

The current Bitcoin downturn appears to be influenced more by macroeconomic uncertainty, particularly concerns surrounding a potential U.S. federal government shutdown, than by on-chain data or crypto-specific structural issues.

From a technical perspective, BTC has struggled to establish a clear direction after falling below $87,000, instead showing signs of consolidation following the decline. In the short term, price action remains sensitive to broader market sentiment and external macro factors.