Bitcoin has suffered another sharp leg down, crushing the hopes of those bulls who expected a speedy recovery.
The flagship cryptocurrency tumbled by more than 5% to drop below the critical $65,000 threshold in early Asia trading on Monday.
The market is currently grappling with the double-whammy of macroeconomic uncertainty and deteriorating technical structures.
Is $45,000 in the cards?
The latest sharp drop has been attributed to the uncertainty surrounding U.S. tariffs.
On Saturday, the White House announced plans to raise global tariffs to 15%.
The announcement came shortly after the Supreme Court struck down his previous use of emergency authority to impose
The asset is down 26% year-to-date and has shed over 47% of its value since topping $125,000 last October.
The $60,000 level, which was recently identified as the bottom of the current bearish cycle by Fidelity’s Jurrien Timmer, is now back in play.
DonAlt, a popular pseudonymous trader, has warned that Bitcoin (BYC) would need a daily close above $71,000 to avoid a “slow bleed.”
Aggressive bears are waiting for a deeper capitulation toward the $42,000 to $45,000 range.
As reported by U.Today, Anthony Scaramucci of SkyBridge Capital and Strategy’s Michael Saylor recently admitted that Bitcoin was in a bear market.
Massive liquidations
According to data provided by CoinGecko, roughly $464 million worth of crypto has been liquidated over the past 24 hours.
Roughly 82% of the entire day’s liquidations occurred within a single 4-hour window.
The largest liquidation order was $61.5 million on the X exchange.