Related: Biggest red weekly candle ever: 5 things to know in Bitcoin this week“Today's price selloff may also be exacerbated by holders preemptively front-running further hacker-driven supply, now that the hackers have shown willingness to cash out rather than risk further losses — having already seen their stolen assets depreciate by 25%,” it wrote in its latest bulletin to Telegram channel subscribers. “In response, risk reversals have become even more bid for Puts over the past 24 hours, reflecting growing concerns over additional selling pressure.”QCP data showed market expectations becoming more optimistic only from Q3 onward.“Until crypto finds a new narrative, we're likely to see an increased correlation between BTC and equities in the near term,” it concluded, referencing upcoming US macroeconomic data releases. “Both risk assets are currently trading near their recent lows, and with tariff risks still looming, volatility could pick up heading into key U.S.macro data releases — CPI (Wed) and PPI (Thu).”This article does not contain investment advice or recommendations.
Reacting, trading resource The Kobeissi Letter said that US government spending cutbacks at the hands of the Department of Government Efficiency (DOGE) played a role in the slump.“While everyone is focused on the trade war, do not discount the impact of reduced government spending expectations,” it wrote in part of its latest analysis on X. “Government spending and job growth have been ‘fueling’ the economy.
Popular trader and analyst Rekt Capital advised X followers to look for rising relative strength index (RSI) values against lower prices for reversal cues.“Going forward, it'll be worth watching for Bitcoin to form Lower Lows on the price action and Higher Lows on the RSI for a Bullish Divergence to develop,” he wrote about daily timeframes.
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Author / Journalist: Cointelegraph by William Suberg
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