In this video: Benjamin talks about Bitcoin bear markets and what makes them psychologically difficult. Video by Benjamin Cowen.
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Bitcoin (BTC) is trading near $78,350, or approximately €67,120, down about 1% over the past 24 hours. The broader crypto market experienced a sharp pullback after failing to hold the $82,000 level earlier in the week, resulting in over $500 million in leveraged long liquidations globally.
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-Macro Pressure: A recent rise in U.S. 10-year Treasury yields and sticky inflation data have forced traditional financial markets to scale back expectations for Federal Reserve rate cuts. This macroeconomic repricing triggered a risk-off sentiment, impacting highly leveraged digital asset markets.
-Institutional Flux: The recent drop coincided with profit-taking and institutional ETF outflows, testing the $78,000 structural support zone.
-Legislative Signals: Earlier optimism surrounding the U.S. Senate Banking Committee advancing the Digital Asset Market Clarity Act initially drove Bitcoin past $82,000. However, those "sell-the-news" gains were largely wiped out by the recent macroeconomic rout.
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