Bitcoin has entered a decline process that is causing concern among investors, dropping by 25% from its all-time high. Bloomberg analyst Emily Nicolle emphasized that Bitcoin is still a “very risky asset,” mentioning that macroeconomic uncertainties and industry issues are putting pressure on prices. Analysts indicate that the $70,000 level is a critical support point, and if it falls below this level, sales could deepen.

Nicolle pointed out that Bitcoin’s price movements have a strong correlation with global economic developments and that the volatility on Wall Street directly affects the crypto market. Highlighting that the current decline is not only due to macroeconomic pressures, the analyst stated that industry issues have also triggered the selling wave.

Particularly, the cyberattack on the Bybit exchange last week, involving $1.5 billion, stood out as a significant event that undermined confidence in the crypto sector. Nicolle also expressed that political uncertainties are exerting pressure on the crypto market. Some investors expected the Trump administration to take clearer regulatory steps, which have not been met yet.

CRITICAL SUPPORT LEVEL FOR BITCOIN IS $70,000

Investors are closely noting that the $70,000 level is an important support point both psychologically and technically. Nicolle mentioned that if this level is not maintained, more significant selling waves could be triggered. The analyst also noted that open positions in the options markets are concentrated around $70,000, suggesting that a break below this level could create additional pressure on Bitcoin.

ALTCOINS ALSO UNDER SELLING PRESSURE

The drop in Bitcoin has negatively affected the broader cryptocurrency market as well. Nicolle expressed concerns about the overall market outlook, stating, “As expected, altcoins are also experiencing a decline along with Bitcoin.” Specifically, after a meme coin scandal allegedly linked to the President of Argentina, Solana faced significant selling pressure. A similar scenario is valid for Ethereum. Nicolle suggested that the decline in Ethereum could partly be attributed to the Bybit attack, leading investors to be more cautious due to such events.

WHAT WILL BE THE NEXT MOVE FOR BITCOIN?

The future movement of Bitcoin will depend on macroeconomic conditions and regulatory developments. Nicolle mentioned that if the Trump administration were to develop crypto-friendly policies such as stable coin regulations, Bitcoin could benefit from it. However, she warned that if the overall markets recover and Bitcoin remains under pressure, the downward trend could continue. Nicolle emphasized that “Bitcoin is an asset that sets the tone for the entire market, and if Bitcoin struggles, altcoins will suffer a much heavier blow,” advising investors to be cautious.