WHY IS IT DOWN TODAY
Bitcoin fell 2.83% to $83,912.46 in 24 hours, underperforming compared to a flat market and mainly driven by macro shocks due to strong US economic data.
Bitcoin shows a strong correlation (96%) with the S&P 500 index, indicating that price movements are influenced by changes in interest rates.
1. Main reason: A hawkish macro shock from US business activity that is much stronger than expected, causing Treasury yields to rise and expectations of Fed rate hikes.
2. Secondary reason: A chain liquidation of highly leveraged long positions that accelerated selling once Bitcoin broke through the $84,000 support level.
3. Near-term market outlook: If Bitcoin holds above the $82,000-$83,300 support zone, consolidation could occur; if it falls below, it may move toward $80,000. Monitor Fed commentary and ETF flow data for the next direction.#BagikanPendapatAndaTentangBTC
Bitcoin fell 2.83% to $83,912.46 in 24 hours, underperforming compared to a flat market and mainly driven by macro shocks due to strong US economic data.
Bitcoin shows a strong correlation (96%) with the S&P 500 index, indicating that price movements are influenced by changes in interest rates.
1. Main reason: A hawkish macro shock from US business activity that is much stronger than expected, causing Treasury yields to rise and expectations of Fed rate hikes.
2. Secondary reason: A chain liquidation of highly leveraged long positions that accelerated selling once Bitcoin broke through the $84,000 support level.
3. Near-term market outlook: If Bitcoin holds above the $82,000-$83,300 support zone, consolidation could occur; if it falls below, it may move toward $80,000. Monitor Fed commentary and ETF flow data for the next direction.#BagikanPendapatAndaTentangBTC