Ah, the grand spectacle of Bitcoin! Once soaring above the clouds at a dizzying height of $100,000, it has now plummeted below the $80,000 mark, like a bird that forgot how to fly. The crypto market, dear reader, is in a state of utter chaos, a veritable bloodbath where traders are clutching their pearls and crying out for mercy! 😱
As of this very moment, Bitcoin is trading at a humble $79,400, a price reminiscent of the days before the great Donald Trump ascended to the throne of U.S. presidency. Back then, the crypto community was riding high, buoyed by dreams of riches and the sweet scent of victory. But alas, those days are gone, much like my hopes of becoming a famous writer! 📉
The recent sell-off, my friends, is a direct result of the waning confidence in the crypto realm, shaken by the President’s tariff policies that are sending shockwaves through the markets. With tariffs looming over Canada, Mexico, and an additional 10% on China, one can only wonder if Bitcoin will ever find its footing again. It’s like watching a tightrope walker without a safety net! 🎪
Moreover, the political spotlight on Bitcoin has intensified, with various U.S. states eyeing it as a strategic reserve. Tensions are high, and the market cap has shrunk from a robust $2 trillion to a mere $1.57 trillion. The global crypto market has also taken a hit, shrinking by 6.5% in just 24 hours. It’s a wonder we’re not all wearing black! 🖤
Since its all-time high of $109,114 on January 20, Bitcoin has experienced a staggering 27.4% drop, with a whopping 22% decline in just the past month. It’s enough to make one question their life choices! 🤔
Our dear crypto trader, Jason Pizzino, has taken to the digital streets to proclaim that Bitcoin is currently testing a major 50% level since the U.S. election pump. This “50% level” is akin to a mystical threshold in trading, where the price retraces half of its previous significant move. It’s like a game of musical chairs, but with more money and fewer chairs! 🎶
Bitcoin is testing the major 50% level right now. The arrow indicates the Trump election day; the bar price range is $69,000 to $76,500.
— Jason Pizzino 🌞 (@jasonpizzino) February 28, 2025
Pizzino suggests that BTC is approaching this pivotal retracement in the post-rally correction phase. Could this be the key support Bitcoin needs for a potential recovery? Only time will tell, but for now, we can only sit back, sip our tea, and watch the drama unfold! 🍵
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2025-02-28 10:13