Bearish Factors Are Piling Up as Bitcoin Continues to Fall — Will BTC Start With a $60,000 Handle?
Bitcoin and Ethereum experienced another sharp flash crash early this morning, with BTC plunging to around $73,500 and ETH dropping to approximately $2,060. This latest sell-off can be seen as an extension of last Thursdays market crash, or perhaps a fresh release of accumulated market anxiety. With Monday bringing another wave of negative catalysts, some major players appear to have exited their positions first, triggering a cascading sell-off among leveraged bulls. Fridays US nonfarm payrolls came in at 165,000, while the unemployment rate stood at 4.1%. These were significant bearish signals. However, the market barely reacted, arguably because much of the panic had already been priced in during Thursdays crash. Uncertainty following the Democrats victory in the US midterm elections has yet to dissipate. Meanwhile, the Federal Reserves final policy meeting of the year is just 30 days away, and CME FedWatch currently puts the probability of a rate hike above 80%. Overall, bearish macroeconomic factors continue to accumulate, making another significant sell-off increasingly likely. So, could Bitcoin soon trade in the $60,000 range？ And how should investors position themselves？1. Macro and Market Structure: The US Midterm Elections Are the Main Source of Short-Term Pressure Following the Democrats sweep of both chambers of Congress, markets rapidly
