Bitcoin is currently trading down 2%, hovering in a critical support zone between $90,000 and $93,000. This decline comes as risk assets struggle, influenced by a strong dollar index and rising Treasury yields following a robust nonfarm payrolls report. Alternative cryptocurrencies are experiencing even steeper losses, with Ethereum reaching its lowest price since December 21. The risk-off sentiment has also dimmed XRP’s previously bullish outlook, despite whale accumulation over the weekend. In traditional markets, futures tied to the S&P 500 suggest a negative opening, with continued volatility in the British pound and emerging market currencies. Despite the market’s downturn, MicroStrategy’s Michael Saylor hinted at another potential bitcoin purchase, although their last $100 million buy had limited market impact. Investment banks are predicting a high risk of Bitcoin losing its support zone, with some suggesting prices could deflate to $70,000 before rallying again. The 30-day moving average of the Coinbase-Binance BTC price differential has hit its lowest since 2019, indicating weaker demand in the U.S. market.
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