📉 Bitcoin is going down. It is because of big problems in the market. This does not feel like a day when people buy Bitcoin when it is low. It feels like the market is changing how it thinks about risk.

Bitcoin went below $60,000. Hit around $59,800 and it wiped out about $600 million in long investments. This shows that the system was still taking many risks. This is not a small move in the market. It is a big change because of all the debt. When this happens the price of Bitcoin tends to stay messy for a while.
What makes this more interesting is that it is not happening alone. There are problems in the economy like the US core PCE being 3.4%, which is the highest since late 2023. This is not a disaster. It makes it hard to know what will happen with interest rates. Bitcoin does not like it when things are uncertain.
If you look at the picture traditional finance is also having problems. Stocks related to intelligence are going down and technology companies are getting hit hard. Even South Korea had a 5% drop in the market which triggered a circuit breaker. This kind of behavior usually spreads to Bitcoin and other cryptocurrencies.
On the side seeing big investors investments in Bitcoin and other cryptocurrencies going down adds another layer. It shows that people are getting less excited, about taking risks in both finance and digital assets.
The big question now is not whether Bitcoin will go back up. It is whether this is a big reset or the start of a bigger problem where people keep selling.
I am watching how Bitcoin behaves after this change. If buyers come in strongly this could still be a shakeout. If not the market might need a reset before it can start going up again.
Now being patient is a good idea.
Do you think this is a big change before Bitcoin goes back up or the start of a bigger problem because of the economy? 👇
#Bitcoin #ETH #macro