Bitcoin Falls Below 200-Day MA as $66K Becomes Key Support Level
Bitcoin (BTC) has dropped below the $85,000 mark, reaching its lowest level since November 2024, amid negative macroeconomic conditions and investor uncertainty. Key points include:
- Increased selling pressure attributed to U.S. President Trump's policies and rising global trade war fears.
- The U.S. stock market is at its lowest since September 2024, impacting Bitcoin's performance.
- Glassnode data indicates the next support level for BTC is at $66,000 if the current sell-off persists.
- Bitcoin is trading below the 200-day moving average, signaling a bearish trend.
- For recovery, BTC must reclaim the 200-day MA around $83,500 and the $85,000 mark.
- If BTC drops below the $80,000–$78,000 range, a decline toward $75,000–$72,000 could occur.
The coming days are critical for Bitcoin’s short-term outlook, as it struggles to stabilize amidst ongoing selling pressure.
