$120 billion wiped out from the crypto market today as BTC dropped below $81,000.
Here's what's going on.
The US is preparing to resume attacks on Iran after the midterm elections, which are just 2 weeks away.
If that happens, oil prices could spike, leading to higher inflation and rate-hike fears, and that's bad news for risky assets like crypto. The next FOMC meeting is also just one week away
With so much uncertainty ahead, investors usually derisk before such major events.
AI stocks are also taking a hit today as concerns grow over the chances of defaults on their debt and since crypto often moves with tech stocks, that sell-off is spilling over into Bitcoin and alts.
But here's what matters.
This sell-off is happening amid macro uncertainty. It doesn't automatically mean crypto fundamentals have got weaker.
In the 2023-25 bull run, we had rate hikes, a banking crisis, Japan's crisis, and tariff FUD. Still, Bitcoin rallied 6x and alts pumped 10x-20x.
This time won't be any different, so just buy the dip and relax.
* A breakdown below $5.74 could support further downside toward the targets.
✅ Entry Confirmation Wait for a 1H candle to close below $5.74, ideally followed by a failed retest. Avoid entering short if price breaks above $5.90 with strong momentum.
📊 Setup Logic: GTC is showing a potential rebound from the $0.25–$0.28 support area after a recent pullback. A sustained move above $0.29–$0.30 with strong volume could support further upside toward the next resistance zones. However, confirmation is needed, as the 4H trend has been bearish.