#USconsumerconfidance
The crypto market is experiencing a pullback, with Bitcoin's price dropping below $98,000, a 7% decline in the last 24 hours.¹ This downturn is attributed to various factors, including profit-taking, market sentiment, and external events such as the emergence of DeepSleek's free AI, which has sparked concerns over US AI regulations.²
*Key Factors Contributing to the Pullback:*
- _Profit-Taking_: Investors are selling their cryptocurrencies to lock in profits, leading to a temporary decline in prices.³
- _Market Sentiment_: Fear and greed are driving market sentiment, causing exaggerated price movements.
- _External Events_: News and regulations, such as the US AI concerns, are impacting market confidence.
*Current Market Situation:*
- Bitcoin's price is testing its 50-day moving average, with a potential breakdown to $94,474 if the $97,396 level fails to hold.
- Ethereum's price has fallen to $3,000, nearing its 200-day moving average.
- Crypto liquidations have reached $838 million, with Bitcoin long-side losses totaling $247.39 million.
Keep in mind that the crypto market is highly volatile, and prices can fluctuate rapidly. It's essential to stay informed and adapt to changing market conditions.
