Bitcoin recently hit a new daily low, coinciding with rising inflation expectations in the US. This triggered panic in the cryptocurrency markets.
Cryptocurrencies Decline
Trump's meme coin, DeepSeek, along with negative inflation reports, led to the ByBit hacking incident. This caused a downturn in crypto markets attempting to recover from past losses. The fear index dropped to 25, contributing to Bitcoin's daily losses of over 7%.
Historic Days for Cryptocurrencies
Last August, Bitcoin fell to $49,000, pushing the RSI into the oversold zone. Today's massive sell-off has once again moved the RSI into this territory. This could indicate the market reaching a bottom.
Future of Bitcoin and Altcoins
Even if Bitcoin recovers to $100,000, altcoin investors need larger gains to recoup losses. Continued closures below $89,200 could lead to whale selling, worsening the downturn.
Cryptocurrency markets are experiencing turbulent times. Bitcoin's recovery to significant levels might stabilize the situation, yet a new wave of selling could worsen the fall.
