Bitcoin dips below $78,000 amid oil and US monetary concerns
bitcoin just slipped below $78,000, dropping to $76,555 on Wednesday before bouncing back a bit to just above $77,542 by 10:18 IST.
That's about a 1.52% dip in the past day and nearly 1.65% over the week.
The fall is mostly linked to global tensions, rising oil prices, and expectations that US monetary policy might get tighter.
Analysts warn of $76,000 breach risk
The $76,000 level is pretty important: if bitcoin falls below it, it could head toward $73,000.
Analyst Riya Sehgal, Research Analyst at Delta Exchange, explains that higher oil prices and rising US Treasury yields are making risky assets like crypto feel the pressure.
On a brighter note, Prateek Gupta, Head of Business at Mudrex, says bitcoin's strong connection with gold could mean good news ahead.
Even though bitcoin ETFs saw a big $3.5 billion inflow last month, Nischal Shetty, Founder of WazirX, notes they're mostly just helping steady things during all this uncertainty.
Experts recommend taking it slow: stagger your buys, and keep an eye on key price levels if you're thinking of investing right now.