The Bitcoin price is under pressure
Veteran trader Peter Brandt has noted that Bitcoin has breached an important long-term support level on the weekly chart. Historically, when this happens, the price often moves lower before finding real stability. Past cycles in 2014, 2018, and 2022 show that once Bitcoin fell below the 100-week moving average, it often dropped quickly toward the 200-week level before any meaningful bounce occurred. This history suggests that short-term relief rallies are not guaranteed. Galaxy Digital CEO Mike Novogratz believes Bitcoin’s recent drop is driven by profit-taking rather than a breakdown in fundamentals. After Bitcoin surged above $100,000 and later reached near $130,000, many early investors locked in gains, creating selling pressure. According to Novogratz, Bitcoin may now be trading within a broad $70,000 to $100,000 range. With price hovering near $76,000, he believes much of the excess leverage has already been flushed out, bringing the market closer to balance. Further, macro conditions may play a role in stabilizing the Bitcoin price. The progress on crypto market structure regulation and shifts in interest rate expectations could improve sentiment. Novogratz also highlighted that stablecoin usage and blockchain infrastructure growth remain strong, suggesting adoption continues even as prices struggle. Analysts see strong demand between $65,000 and $55,000, a range where fear peaks and long-term buyers often step back in. Higher institutional activity and faster capital flows are shortening cycles, making price drops sharper but potentially reducing bear market length. If history repeats, Bitcoin may stabilize by late Q3 or early Q4 as selling slows and macro conditions improve.Galaxy CEO Says Bitcoin Is Near the Lower End of a New Range
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