Bitcoin Market Update

Notable Bitcoin Decline After Sustained Range Above $90K

This week, Bitcoin (BTC) broke out of its prolonged trading range above $90,000 with a noteworthy bearish turn. In the first three days alone, the cryptocurrency suffered a 12.6% decrease, marking the significant drop since November 2022, during the time of the FTX bankruptcy, as recorded by TradingView.

Reasons Behind the Sell-off

The recent downturn aligns with a prior analysis that highlighted growing frustration among investors. This disappointment is largely attributed to the delay in the U.S. administration's plans for establishing a national BTC reserve and the current tightening of fiat liquidity conditions. These factors have played a crucial role in the recent market adjustments.