Bitcoin has plunged nearly 50% from its peak, now trading between $60,000-$70,000. This collapse damaged its “institutional hedge” narrative, with significant outflows from US spot Bitcoin ETFs while equities and gold attracted buyers. The $60,000 level is critical due to options open interest. A break below could trigger further selling. While leveraged long positions have been liquidated, extreme fear isn’t yet a buy signal. Macro headwinds like high interest rates persist. The strategic view is a “Hold” with a negative skew, awaiting a break above $71,000.
BTC-USD at $67K With Upside Targeting $97K
