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Bitcoin Breaks Structure: Trendline Recovery or Further Decline?
The cryptocurrency market has been under immense pressure in recent times, with the price of Bitcoin (BTC) breaking its structure and plummeting below key levels. This sudden downturn has left traders and investors alike wondering whether the trendline recovery is possible or if we are staring at a further decline.
In the wake of this shocking drop, it appears that economic uncertainty and the Bybit hack have added significant pressure to crypto markets. The U.S. economy, once seen as resilient, now shows signs of weakness as President Donald Trump confirmed plans to impose a 25% tariff on Canadian and Mexican imports. U.S. Treasury yields hit two-month lows, reflecting growing uncertainty.
Bitcoin’s price has dropped below $90,000, marking the lowest level since November 18. This decline amounts to a staggering 7.5%, with investors remaining cautious amid fears of economic instability. The cryptocurrency lost nearly 8% over the past week, and altcoins took an even harder hit. Memecoins like Dogecoin, along with Solana and Cardano tokens, fell around 20%. Investors are reducing exposure to riskier assets as a result.
On the other hand, the recent Bybit hack has fueled more market instability. According to blockchain research firm Elliptic, hackers stole $1.5 billion in what has become the largest crypto theft ever recorded. Ethereum (ETH) dropped by an alarming 9.5% to $2,386, touching its lowest level since October.
Now that Bitcoin has broken its structure and is trading below key levels, it remains to be seen whether bulls can reclaim the trendline or if sellers will maintain control. Analysts believe that a recovery above this point could restore bullish momentum. However, if sellers continue to have their way, support at $81,000 may become the next battleground.
As the market continues to shift and change, traders must remain prepared for any eventuality.
Source: https://cryptonewsland.com/bitcoin-breaks-structure/
