Why bearish today?

Scott Bessent’s comments made it clear there will be no government or Fed-style bailout for Bitcoin—no forced bank buying and no taxpayer support.

This removed a bullish narrative some traders were relying on, adding pressure to an already ongoing sell-off.

The remarks hit when Bitcoin was testing the critical $70k support zone, a level widely watched by traders.

Combined with broader risk-off conditions (tech weakness, deleveraging, liquidations), the policy shock triggered further selling and briefly pushed BTC below $70k.

Why it matters:

$70k is a major psychological and technical support.

Losing it could open 20–40% downside if macro conditions stay weak.

The takeaway for traders: don’t expect policy support—BTC price will be driven by macro trends, risk appetite, and organic adoption, not government intervention.

Markets are now watching whether Bitcoin can reclaim and hold above $70k, the scale of liquidations, and incoming macro data.

~DonTheBos_Tz

Conservative Trader