Market is currently in a state of high-pressure sell-offs and "risk-off" sentiment. Entering spot positions now requires caution as major support levels have recently been broken.
Market Sentiment Analysis
Panic & Capitulation: The market is experiencing widespread frustration; high-profile traders are reporting they are "pulling back" as long positions are being "harvested".
Technical Breakdown: Bitcoin recently broke through critical support at $84,000, with some analysts warning of further downside toward $80,000 or even $74,600 if it cannot reclaim previous levels.
External Pressures: Factors such as a U.S. government shutdown and thin weekend liquidity are contributing to the downward pressure on prices.