Bitcoin Market Update & Short-Term Analysis
1. Market Sentiment and Price Action
Current Trend: Bitcoin has been under selling pressure, confirming an entry into bear market territory after dropping over 20% from its early October high. It is currently trading near the $102,000 mark (as of the most recent data).
Key Psychological Level: The $100,000 level is a crucial psychological and technical support zone. A sustained drop below this could lead to further declines.
Market Sentiment: The Fear & Greed Index has fallen to "Fear" (around 25), reflecting a cautious and risk-off sentiment in the broader market.
Macro Factors: Increased risk aversion across financial markets, driven by factors like the US Federal Reserve maintaining higher interest rates (reducing appetite for volatile assets like crypto), is contributing to the downward pressure.
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