As selling pressure continues in the cryptocurrency market,
the price of Bitcoin fell another 5% yesterday, reaching the sensitive $74,000 level, a level that is now under the microscope of traders as a key support.
In the same situation, veteran market trader Peter Brent has updated his bearish scenario and reduced Bitcoin's downside target from $58,000 to around $54,000.
According to Brent analysis, a break of the current support could initially push the price down to $66,500 and then to the $54,000 range if selling pressure intensifies.
The warning comes as global macroeconomic conditions, rising geopolitical tensions and a potential US government shutdown have fueled bearish sentiment. At the same time, the outflow of capital from Bitcoin spot ETFs suggests that institutional investors are also acting more cautiously. A 13% drop in trading volume and a significant drop in futures open interest are also signs of reduced risk appetite and uncertainty among traders.
For investors, this means increased volatility and the importance of risk management, as price reaction to support levels can determine the short-term path of the market.
