Bitcoin was back to bearish mode with a dip toward the support at $92k on Tuesday.
BTCUSD – Weekly Chart
The BTCUSD price is back testing the uptrend that links two highs in 2021. The failure to sustain the break above that level could lead to a correction.
The world’s largest cryptocurrency was under pressure, alongside the broader crypto sector, as US stocks struggled to shake off a recent downturn. That highlighted again that BTC is simply following the cue of speculative tech stock buying like it did before the post-2021 drop. A correction in stocks could be costly for the coin and Donald Trump has failed to enact any new crypto plans.
What goes up can often be the first to go down and the worst performer among the major crypto tokens was Solana (SOL). Riding a wave of activity around Trump’s election and the release of his own token, SOL is now down 10% over the past 24 hours and a 41% over the past month as another memecoin frenzy ends badly.
Quinn Thompson, founder of a crypto hedge fund, told Coindesk there was an 80% chance that bitcoin won’t make new highs over the next three months, with a 51% chance we won’t see new highs over the next 12 months.
Analysts are turning on US stocks over fears that the labor market is under stress, with wages slowing down. The global tariff wars have also hurt sentiment over economic growth and commodity prices.
