Bitcoin's price is at a crossroads as it faces intense pressure on its critical $60,000 support level. Analysts warn that if this level breaks, the market may plummet to the low-to-mid $50,000 range.
The current market conditions are a complex mix of macroeconomic uncertainty, geopolitical tensions, and correlation with equity markets. The US Federal Reserve's interest rate policies and quantitative tightening have strengthened the dollar, drawing capital away from risk-on investments like cryptocurrency.
Geopolitical uncertainty is another significant factor contributing to market volatility. International conflicts and trade disputes create global risk aversion, causing investors to seek safe-haven assets, temporarily reducing capital allocated to cryptocurrencies.