en.bitcoinsistemi.com
As the cryptocurrency market continues to experience a sharp sell-off, analyst il Capo of Crypto shared a noteworthy assessment, stating that Bitcoin has reached a critical support zone.
The analyst stated that the Bitcoin price has reached a strong technical intersection area, arguing that current levels could be the most favorable ground for a “strong bounce.”
Il Capo stated that Bitcoin has touched its main support zone, noting that this level coincides with the intersection of an “order block” area and the April and November 2021 peaks, as well as the 2024 all-time high (ATH). According to the analyst, many altcoins are also at critical support levels in higher timeframes (HTF). Il Capo indicated that market sentiment is extremely negative, with a concentration of upward liquidity and an aggressive increase in short positions, suggesting the possibility of a “short squeeze.”
On the other hand, sharp movements were also observed in global markets. The spot silver price fell below $73 per ounce, registering a 17.18% drop during the day. New York silver futures also fell below $72, losing 14.71% of their value. This sharp decline in commodities also supported selling pressure on risky assets.
Bitcoin, the world’s largest cryptocurrency, traded just above $67,000, down approximately 8%. The sell-off reportedly accelerated particularly in the US morning hours. With this latest drop, Bitcoin has given back all the gains it made since Donald Trump’s election victory in November 2024.
Market participants say the decline in crypto assets coincides with broader market anxiety. According to analysts, weakening liquidity conditions and a slowdown in institutional demand are also deepening the pullback. The weakening of expectations that the Trump administration will more strongly integrate crypto assets into the mainstream financial system is also cited as a factor eroding investor confidence.
*This is not investment advice.