Bitcoin has entered a decline that is worrying investors, dropping 25% from its all-time high. Bloomberg analyst Emily Nicolle emphasized that Bitcoin is still considered a “highly risky asset,” noting that macroeconomic uncertainties and industry disruptions are putting pressure on the price. Analysts consider the $70,000 level a critical support point, stating that if it is breached, the selling could deepen.

Nicolle pointed out that Bitcoin’s price movements show a strong correlation with global economic developments and that the volatility on Wall Street directly affects the crypto market. The analyst highlighted that the current decline is not only due to macroeconomic pressures but also sectoral disruptions triggering the selling wave.

Last week’s $1.5 billion cyberattack on the Bybit exchange particularly stood out as a significant event that shook confidence in the crypto sector. Nicolle also mentioned that political uncertainties are adding pressure to the crypto market. Some investors expected clearer regulatory steps from the Trump administration, but these expectations have not been met so far.

CRITICAL SUPPORT LEVEL FOR BITCOIN IS $70,000

Investors are keenly aware that the $70,000 level serves as a psychologically and technically significant support point. Nicolle warned that if this level is not held, larger waves of selling could be triggered. The analyst also noted that open positions in the options market are concentrated around $70,000, stating that a break below this level could create additional pressure on Bitcoin.

ALTCOINS UNDER SELLING PRESSURE TOO The decline in Bitcoin has negatively affected the broader cryptocurrency market. Nicolle expressed concerns about the market’s overall outlook, stating that “as expected, altcoins are also experiencing a decline alongside Bitcoin.” In particular, Solana faced significant selling pressure following a meme coin scandal allegedly linked to the President of Argentina. A similar scenario applies to Ethereum. Nicolle suggested that Ethereum’s decline might be partially due to the Bybit attack, indicating that investors are acting more cautiously due to such events.

WHAT WILL BE THE NEXT MOVE FOR BITCOIN? The future movement of Bitcoin will depend on macroeconomic conditions and regulatory developments. Nicolle mentioned that if the Trump administration were to develop crypto-friendly policies like a stable coin law, Bitcoin could benefit from this. However, she warned that if the markets do not recover overall and Bitcoin remains under pressure, the downward trend could continue. Nicolle emphasized that “Bitcoin is an asset that determines the direction of the entire market, and if Bitcoin struggles, altcoins will take an even harder hit,” urging investors to be cautious.