“I wouldn’t even be in this situation if it was not for you. You made the warmth fall on me so much.” Robert de Niro as AC Rothstein at Nicky Santoro by Joe Pesci in the Casino de Martin Scorsese.
Bitcoingers could be forgiven to have blamed the rest of the crypto for the move of the bear which lowered the price of BTC by more than 20%, against a record greater than $ 109,000 five weeks ago until at $ 87,000 earlier Tuesday.
Bitcoin touched this record one day before the presidential inauguration in the middle of a speculative frenzy of the same that struck its decoration when the Trump team thought it was a good idea to launch chips associated with the incoming president and to the First Lady. The tokens initially exploded higher before crashing quickly and leaving almost everyone except the initiates with massive losses.
Sol, the native token of the Solana blockchain on which a large part of the mecoins has been created, has been down more than 50% since then, leading the dive in the main cryptos since the January weekend.
Bitcoin bulls were promised from a Bitcoin strategic reserve and rather obtained Trump and Melania.
Bybit Hack provides a blow
Even with the evisceration in Evencoins and the associated carnage on the wider market of cryptography in recent weeks, Bitcoin has managed to stay mainly in a tight range not so far from its record. 96 hours ago, the world’s largest crypto was increasing and seemed ready to resume the level of $ 100,000.
Then, bybit’s hacking hit.
While bitcoingers quickly stressed that the feat had noted with Bitcoin and again demonstrated the weaknesses inherent in Ethereum technology, the eTH dive (down 15% and counting since) And the rest of the crypto spreads to BTC.
The bulls turn bear
“Our expectations for this cycle are much higher than $ 108,000, so we said to ourselves that we could not have ever reached a summit,” Permabull Stackhodler self -proclaimed on Tuesday. “We have to go higher in 2025, on the right,” he continued. “The truth is that nobody knows it for sure. We simply spent the price of the short-term holder of $ 92,000 … We may have to revisit the mobile average of 200 days around $ 82,000.”
“Do not yet buy the DIP, a move to $ 80 is on,” said Geoff Kendrick de Standard Charterd, who previously planned $ 200,000 BTC by the end of the year. “Before buying the DIP is attractive, I think we get an ETF outing day of $ 1 billion (worse current day of all time – $ 583 million).”
The seeds of the next bull movement sown themselves
Although it is not struck almost as strong as the crypto, the traditional markets have also tripped. As measured by the S&P 500 index, last week’s American actions have had their worst week since the inauguration of Trump. The Nasdaq, heavy with technology, culminated in December and is located today below this level.
Choose your excuse: Prices, DOGE (not the token, the government’s cost reduction regime led by muscles), or simply cooling in animal minds before, but the rate markets have taken note.
The US Treasury at 10 years ago fell to 4.32%, compared to 4.80% just before Trump was in office. And the expectations of a easier federal monetary monetary policy have increased. The chances of a drop in the May rate more than doubled at 30% in last week and the chances of two rate drops by June have more than tripled to 15%, according to CME Fedwatch.
“Yields of the lower American treasury are a huge longer in the longer term for the BTC,” concluded Kendrick.
