Bitcoin extends decline as macro headwinds and security concerns weigh on sentiment
Bitcoin remains under sustained selling pressure, with the latest rebound proving short lived. The daily chart shows that the cryptocurrency continues to trade below its 100-day and 200-day moving averages, confirming that the broader trend remains bearish.
Recent attempts to recover have repeatedly attracted fresh selling, leaving the market vulnerable to another test of the $60,000 support area.
Unless buyers manage to reclaim resistance around $64,000-65,000, downside risks are likely to remain dominant. A decisive break below $60,000 would expose the next important support zone, while only a sustained recovery above the medium term moving averages would begin to weaken the current bearish structure.
Macro uncertainty continues to pressure risk assets
The macro backdrop remains unfavorable for cryptocurrencies. Investors continue to digest the Federal Reserve's latest policy decision while focusing on upcoming U.S. labor market data and other indicators that could influence expectations for future interest rates. Elevated Treasury yields and a resilient U.S. dollar continue to reduce demand for higher risk assets, including Bitcoin.
Geopolitical uncertainty also remains an important factor. Although tensions in the Middle East have eased compared with previous weeks, the conflict continues to generate periodic waves of risk aversion across financial markets, limiting investors' willingness to increase exposure to volatile assets.
Coldcard incident undermines confidence in self custody
Market sentiment has also been affected by reports surrounding the Coldcard hardware wallet vulnerability. The incident, which exposed weaknesses affecting seed generation on certain devices, has renewed concerns over digital asset security despite not involving any flaw in the Bitcoin protocol itself. The episode serves as another reminder that custody risks remain an important consideration for both retail and institutional investors.
While the direct financial impact on the broader cryptocurrency market appears limited, the news has added another negative headline at a time when confidence is already being challenged by weaker price action.
Technical outlook still favors further downside
The technical picture continues to favor sellers. Bitcoin has failed to establish a series of higher highs and higher lows, while momentum indicators remain weak and the price continues to trade beneath major trend averages.
As already noted in the article Bitcoin slips as Fed uncertainty and geopolitical risks pressure sentiment, it is still too early to conclude that the broader downtrend has ended. Until buyers regain control above key resistance, rallies are likely to be viewed as corrective, with risks remaining tilted toward another move lower.
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