Bitcoin Drops 30% from ATH as Fed Rate Cut Hopes Fade
Bitcoin Drops 30% from ATH as Fed Rate Cut Hopes Fade
馃搲 Bitcoin's $70k Test
Bitcoin slides to $88.5k (-30% from all-time high) as macro conditions deteriorate.
Key Drivers:
- Strong US jobs data (+228k) pushes December rate cut odds down to 40%
- 10-year Treasury yields spike to 4.55%
- $742M in ETF outflows over 3 days from major funds
Technical Picture:
- BTC correlation with Nasdaq hits 0.92 - trading like tech, not digital gold
- RSI oversold at 35, showing bearish flag pattern
- Critical support: $80.4k-$82k (50% fib level)
- Break below opens door to $70k
What's Next: Friday's PCE inflation data is the major catalyst. Cool numbers could revive rate cut narrative and trigger reversal. Hot numbers likely mean more pain.
Key Level to Watch: Must reclaim $92.5k to signal potential move back to $100k.
Markets remain risk-off as Fed officials signal "no rush" to cut rates.
Market Update: The "Fed Put" is Fading BTC slides to ~$88.5k (-30% from ATH) as macro winds shift. 馃搲 The "Rate Cut Narrative" for Dec 17-18 is crumbling. Why? US labor data came in scorching hot (+228k jobs), pushing cut probabilities down to ~40%. Is the bottom in, or do we
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