In this video I break down the latest Bitcoin price action to determine if we are seeing a major bottom or just a temporary bounce. I analyze the current market structure using the Elliott Wave model to identify the key support and resistance zones that will dictate the direction of the market for the coming week. Video by More Crypto Online.
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The price of Bitcoin is trading at $63,521.17 (approximately €54,828.64), marking a 1.68% decline over the past 24 hours.
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Bitcoin Insights Today
-Macroeconomic Caution: Investors are heavily de-risking and rotating out of crypto assets ahead of the U.S. Consumer Price Index (CPI) inflation report dropping tomorrow. Expected sticky inflation signals could prompt the Federal Reserve to keep interest rates locked high at 3.50%–3.75%, maintaining macro headwinds for non-yielding assets like crypto.
-Strait of Hormuz Stalemate: Geopolitical tensions surged after President Trump demanded 50 years of compensation from Iran to reopen the critical shipping lane. The resulting stalemate pushed Brent crude oil up past $89, fueling energy-driven inflation fears that triggered broad liquidations in risk assets, including Bitcoin.
-Institutional Selling Pressure: Pressure compounded as MicroStrategy disclosed yet another weekly reduction, selling 1,690 BTC for $109 million. This marks their fifth major multi-million dollar Bitcoin offload this year. Additionally, institutional sentiment cooled with $144 million in spot Bitcoin ETF outflows recorded on Monday alone.
-Global Regulation Shift: In a major regulatory pivot, Russia's Central Bank officially approved Bitcoin and Ethereum for exchange trading. While retail investors face a strict 300,000-ruble annual cap per intermediary and mandatory risk testing, qualified institutional traders face no restrictions.
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