Bitcoin’s $75k Support: The Dramatic Showdown of the Century! 🎭💰

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Ah, Bitcoin! The digital gold that dances on the precipice of financial ruin, now teetering on the edge of a “key” $75,000 support. One might wonder, is it a mere coin or a soap opera in the making? With the specter of a trade war looming between the United States and China, our beloved cryptocurrency faces a perilous plunge. 🎢

In the last 24 hours, Bitcoin’s (BTC) price has plummeted more than 6.5%, sinking below the once-mighty low of $78,197, a level reminiscent of the dark days of November 10, 2024. Oh, how the mighty have fallen! 📉

Analysts, those modern-day oracles, attribute this decline to the macroeconomic chaos unleashed by President Trump’s whimsical decision to impose import tariffs. Who knew tariffs could be so… thrilling? 🍿

According to Ryan Lee, the chief analyst at Bitget Research, these macroeconomic concerns are the primary culprits behind Bitcoin’s loss of the $80,000 support. He muses:

“Bitcoin’s drop below $80,000 amid investor fear from Trump’s tariffs and market unrest, points to a correction likely hitting $76,000-$78,000 this week, nearing $75,000 as a key support level based on historical patterns and trader sentiment.”

But wait! The plot thickens! Some analysts are wringing their hands, fearing that Bitcoin might revisit the dreaded $70,000. The horror! 😱

With its correlation to the global liquidity index, Bitcoin’s right-hand side (RHS) may soon fall below $70,000 by the end of February, after peaking at a dizzying $110,000 in January. What a rollercoaster ride! 🎢

The first ominous warning of a correction to $70,000 came from Raoul Pal, the founder and CEO of Global Macro Investor, who predicted a “local top” above $110,000 in January before this current tempest. How prophetic! 🔮

Can Bitcoin hold $75k support to avoid a plunge to $70k?

Despite the gloomy investor sentiment, Bitcoin seems unlikely to plummet to $70,000 before the week’s end. A glimmer of hope, perhaps? 🌈

With large institutions like Michael Saylor’s Strategy continuing to dip buy, a plunge to $70,000 appears “less probable” without a significant new catalyst, according to Lee, who adds:

“A further plunge to $70,000 is possible but less probable by March 2 without a significant new shock. The $75,000 level aligns with technical support and stablecoin buffers, while $70,000 would need sustained panic or macro deterioration beyond current pressures.”

However, should Bitcoin dip below $75,000, we could witness a dramatic spike in volatility, triggering nearly $900 million worth of leveraged long liquidations across all exchanges. What a spectacle that would be! 🎭

Yet, the current correction may linger for another two weeks, as suggested by the historical chart patterns analyzed by crypto analyst Rekt Capital. The suspense is palpable! ⏳

“Bitcoin is in its first price discovery correction,” the analyst proclaimed in a recent X post, adding:

“Depth-wise, this current -25% Price Discovery Correction has been shallower by standards of history though still quite close to the -30% mark. Duration-wise however, this 11 week pullback has been more in line with 2013 duration.”

Assuming the current downtrend mimics the 2013 correction, Bitcoin may face two more weeks of downside pressure. Buckle up, folks!

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2025-02-28 13:25