Bitcoin’s ‘Ugly Start’ – Weekend Sell-Off Pushes Price Near $80K 📉
Bitcoin experienced a sharp decline, falling below $82,000, which has caused unease in the crypto market. This drop follows weeks of gains, and traders are uncertain if it's a temporary setback or a larger issue.
Arthur Hayes of BitMEX describes this as an "ugly start" to the week. He suggests potential resistance at $78,000, with support around $75,000 if the price can't stabilize.
New investors' panic selling exacerbated volatility, with 70% of selling pressure from buyers within the last 12 weeks. Market sentiment dropped to "extreme fear," indicating potential for further price swings.
Upcoming US inflation data may impact Bitcoin prices. Any significant inflation surge could prompt further rate hikes, affecting risk assets like Bitcoin. Conversely, lower inflation could stabilize the market.
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