The three-day candle pattern suggests a potential reversal, with an emerging pattern of lower highs and lower lows. However, Bitcoin continues to trade primarily sideways. Analysts advise against overinterpreting the decline unless the $60,000 support level breaks. Bitcoin’s performance has been closely linked to the overall tech rally and the trajectory of US interest rates. Rising Treasury yields pose a threat to risk assets, including Bitcoin. Currently, there are no significant Bitcoin-specific events on the horizon, although some anticipate the potential launch of a Hong Kong ETF could provide a positive catalyst.
Bitcoin’s Decline Reflects Broader Market Angst
