‎𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗨𝗽𝗱𝗮𝘁𝗲 (𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟭𝟲, 𝟮𝟬𝟮𝟱)

‎Bitcoin experienced a significant decline yesterday, dropping 2.96% to $85,984.77 from $90,257.43 amid a broader crypto market downturn influenced by risk-off sentiment and anticipation of key U.S. economic data. The 24-hour trading range spanned $86,800 to $90,000, with volume around $27 billion, reflecting persistent weakness as BTC fell below the $90,000 support level. Year-over-year, BTC is down 12.96% from $101,367, marking its first weekly loss in recent months.
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‎Technical Analysis
‎BTC's chart shows a bearish breakdown from a descending triangle pattern, with immediate support at $84,000–$88,000; a further drop could target $80,000 if $88,000 fails. RSI indicators hover near 40, signaling oversold conditions but lacking bullish divergence, while the 50-day moving average at $95,000 acts as key resistance. Ethereum and altcoins followed suit, with ETH dipping below $3,000, amplifying BTC's pullback.
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‎Key Drivers and News
‎The plunge aligns with subdued investor appetite ahead of U.S. inflation reports and Fed signals, exacerbating ETF outflows and liquidity concerns. Positive notes include institutional holdings remaining steady, but macroeconomic pressures like potential rate pauses have overshadowed recent rebounds. No major Bitcoin-specific news emerged today, though broader crypto exchange growth forecasts to $2 trillion by 2030 offer long-term optimism.
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‎Outlook
‎Short-term sentiment is bearish, with potential for further downside to $84,000 if support breaks, but a rebound above $90,000 could stabilize toward $95,000 on positive data. Analysts advise caution amid volatility, recommending monitoring U.S. CPI releases for directional cues. As always, conduct your own research before making investment decisions.

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