Bitcoin has dropped 25 % to the highest level of all time and entered a decline process that made investors uncomfortable. Bloomberg analyst, Emily Nicolle claims that Bitcoin is still a “very risky”, while the uncertainty of macroeconomics and interruption in this field has put pressure on the price. Analysts say that the $ 70,000 is an important support point and sales may increase if it is below this level.
Nicolle said the price movement of Bitcoin shows a strong correlation with global economic development and the fluctuations in Wall Street directly reflect the cryptocurrency market. Emphasizing that the current impairment is unlimited in macroeconomic pressure, analyst says that problems in this field activate the sales wave.
Especially last week, a cyber attack of the Bybit Stock Exchange last week, appeared as one of the important events that shook confidence in the field of cryptocurrencies. Nicolle also stated that uncertain political things also put pressure on the cryptocurrency market. He said that some investors hope the Trump administration will take more clearly regulatory steps, but these expectations have not been met so far.
Important support level for Bitcoin $ 70,000
Investors have been pointed out that $ 70,000 is a psychological and technical support. Nicolle said that larger sales waves may be activated if this level cannot be preserved. Saying that open positions in optional markets focused on $ 70,000, analyst said that breaking the level below this level could put additional pressure on Bitcoin.
Altcoınler under sales pressure The decline of Bitcoin negatively affects the wider cryptocurrency market. Nicolle, “as expected, Altcoin is going through decline with Bitcoin,” he expressed concern about the appearance of the market. Specifically, Solana faces serious sales pressure after the breast scandal, is said to be associated with the Argentine President. A similar scenario for Ethereum. Nicolle says that the decline in Ethereum may depend partly on the Bybit attack and investors more cautious because of such events.
What will be the next step for Bitcoin? Bitcoin's motion in the coming period will depend on macroeconomic conditions and development as prescribed. Nicolle said Bitcoin could benefit from it if the Trump administration developed cryptocurrency policies such as the law of coins. However, in general, the healing of markets and Bitcoin is under pressure, he noted that the downtrend may continue. “Bitcoin is an entity determining the direction of the entire market and if Bitcoin is forced, the sub -types will be much more serious,” he emphasized that investors should be cautious.