Bitcoin slipped below the $85,000 level and traded around $84,000, reflecting renewed risk-off sentiment as Middle East tensions, a hawkish Federal Reserve stance, and the unwind of yen carry trades weighed on the broader crypto market. The move comes as investors reassess risk assets and funding dynamics amid shifting liquidity conditions.
The downturn was broad-based, with major altcoins retreating more than 7% and crypto-related stocks under pressure. In the past 24 hours, roughly $1 billion in crypto contracts were liquidated, with the vast majority of those bets being long positions, amplifying selling pressure as leverage-driven flows unwind.
Technically, key support near $75,000 is in focus; a breakdown could open a path toward $58,000. Conversely, reclaiming the $95,000 level would be needed to counter the current downtrend and restore upside momentum.
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