The market is shocked by the fall of Bitcoin to 74 thousand dollars; How long will the BTC price fall?

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With the continuation of selling pressure in the digital currency market, the price of Bitcoin fell by more than 5% yesterday and reached the critical range of $74,000. A level that is now under the microscope of traders as a key support.

In the same situation, veteran market trader Peter Brent has updated his bearish scenario and lowered the downside target for Bitcoin from $58,000 to around $54,000.

According to Brent’s analysis, the failure of the current support could first push the price down to $66,500 and, if the selling pressure intensifies, down to the $54,000 range.

This warning comes at a time when the global macroeconomic environment, the increase in geopolitical tensions and the possible shutdown of the US government have intensified the bearish sentiments of the market.

At the same time, capital outflows from bitcoin spot ETFs suggest that institutional investors are also acting more cautiously. The 13% decrease in the volume of transactions and the significant drop in the open interest of futures contracts is also a sign of the decrease in risk tolerance and uncertainty of traders.

For investors, these conditions mean increased volatility and the importance of risk management; Because the price reaction to support levels can determine the short-term path of the market.

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