Bitcoin has dropped to as low as $78,112 on Monday, registering an 8% loss within 24 hours. Amid these market losses, Strategy CEO Michael Saylor made two significant announcements that could affect Bitcoin’s next move. The Death Cross pattern on the 12-hour chart indicates that bulls may struggle to regain momentum in the near term.
Key Factors Impacting Bitcoin:
- Market Sentiment:
Bitcoin faced multiple bearish catalysts, including the US Nonarm Payrolls report signaling rising inflation, causing a capital flight from risk assets. Additionally, the Bybit hacker began moving stolen funds, heightening panic among traders. - Saylor’s $21B BTC Purchase Plan:
Saylor’s company, Strategy, revealed a $21 billion capital raise aimed at acquiring Bitcoin, further solidifying institutional confidence in the cryptocurrency. This could provide long-term support for Bitcoin, though it may not immediately reverse the current bearish trend. - Death Cross Formation:
Bitcoin’s 12-hour chart shows a Death Cross, signaling weak momentum and a higher chance of further price declines. If Bitcoin fails to reclaim $80,000, further downside risks could take the price down to $76,000 or even lower.
Bitcoin Price Outlook:
In the short term, Bitcoin’s price remains under pressure, with a $78,000 test potentially marking further downside risks. However, Saylor’s strategic accumulation plan signals long-term institutional confidence, which may counterbalance the current bearish trend.
Bitcoin Price Forecast:
If Bitcoin fails to recover above $80,000, we may see additional declines, with $76,000 as the next key support level. However, Saylor’s massive BTC acquisition plan could set the stage for a potential bullish reversal in the coming months.
