Today, the cryptocurrency market continues the "Black Monday" disaster, with Bitcoin (BTC) further testing the $76,000 level. Multiple negative factors have formed a "perfect storm": first, Trump nominated hawkish representative Kevin Warsh as the next Federal Reserve chairman, crushing market expectations for interest rate cuts; second, geopolitical tensions between the U.S. and Iran have escalated, leading to a flight of funds from risk assets towards gold. On-chain data shows that the total liquidation volume across the network in the past 24 hours has surpassed $2.5 billion, with long leverage being severely hit. In addition, the Trump family's cryptocurrency project World Liberty Financial is embroiled in a UAE financing scandal, raising regulatory concerns.
Technically, BTC has effectively broken below the key neckline of $78,000, and the MACD shows a strong sell signal. Institutional buying has significantly decreased, suggesting to 'short' the market. The strong support below may target $72,000.
#Bitcoin #cryptocrash #KevinWarshNextFedChair #ShortSelling #Geopolitics
