Bitcoin price analysis: BTC could retest April's tariff tantrum lows below $80,000
Bitcoin plunged near $84,000 amid broad risk-off sentiment, with key support near $80,000 potentially leading to a retest of April lows if broken.Summary
Bitcoin experienced a sharp drop to around $84,000, mirroring declines in stocks and precious metals due to weak earnings, geopolitical worries, and general risk aversion, according to Joshua Lim of FalconX. This selloff triggered over $650 million in liquidations of bullish crypto positions. Perpetual funding rates have turned negative across major tokens, which historically can precede short-term bottoms as overcrowded short positions become vulnerable. Key support levels for BTC are near $84,099 (aggregate cost basis for U.S. spot ETFs) and the crucial structural support zone around $80,000 (True Market Mean Price). A sustained break below $80,000 could lead to a retest of April 2025 lows near $76,000, which occurred during a tariff-related selloff. Bitcoin is currently on track for its fourth consecutive monthly loss, a rare occurrence not seen since 2019, with Mark Connors suggesting that the AI infrastructure trade in equities is overshadowing BTC until a clear signal emerges from the U.S. economy.
(Source：CoinDesk)