Bitcoin experienced a sharp decline this morning, falling to around $84,000 from a recent high above $90,000 within the last 24 hours. This nearly 6% drop is attributed to global economic uncertainties and a fragile market structure, prompting investors to adopt cautious positions. After reaching $90,400 yesterday, Bitcoin’s price quickly fell to approximately $84,416, accompanied by a surge in daily trading volume to about $48 billion, signaling significant selling pressure and the closing of short-term positions. The overall market capitalization of Bitcoin also decreased by nearly 4%, now standing at approximately $1.72 trillion.
The recent Federal Reserve meeting provided no clear indication of policy easing despite unemployment remaining at 4.4%, negatively impacting risk assets such as cryptocurrencies and leading the market to adopt a “sell the news” approach. Technical analysts identify $88,000 as a near-term stability level for Bitcoin, with $84,000 serving as a critical support threshold. A drop below this could expose Bitcoin to a further decline toward the $68,000 to $72,000 range. Buyers are actively defending this support to prevent deeper technical setbacks.
Meanwhile, gold prices surpassed a new high of $5,550 per ounce, reflecting increased demand for safe-haven assets amid currency uncertainties. Bitcoin initially gained some advantage from this trend but struggled to maintain momentum. Next week, senior banking and crypto officials are scheduled to meet at the White House to discuss the reinstatement of U.S. crypto regulations, focusing particularly on contentious issues surrounding interest and rewards on dollar-pegged stablecoins. This initiative aims to pave the way for a compromise following a previous agreement failure during the Trump administration.
Currently, Bitcoin is stable at approximately $84,437, down about 4% over the past 24 hours and roughly 6% below its seven-day high of $90,316.
Source: bitcoinmagazine
