Bitcoin risks losing the $68,000 level as investor sentiment freezes amid falling US tech stocks and slowing consumption
Bitcoin risks losing the $68,000 level as investor sentiment freezes amid falling US tech stocks and slowing consumption
Nasdaq Declines in Step With New York Stocks... Fear & Greed Index at '10,' Signaling Extreme Fear Retail Sales Shock in the U.S. Fuels Recession Concerns, Intensifying Risk-Asset Avoidance
A dark cloud has fallen over the broader cryptocurrency market as Bitcoin (BTC) lost support at $69,000 and slid to the $68,000 range. A combination of falling U.S. tech stocks in the New York market and slowing consumer indicators has revived fears of a recession, which immediately spurred sell-offs in the risk-asset cryptocurrency market.
According to CoinMarketCap data as of 7:20 a.m. KST on the 11th, Bitcoin was trading at $68,579, down 2.67% from 24 hours earlier. The weekly decline stands at 9.40%. The Fear & Greed Index, which reflects market sentiment, fell further to 10 (Extreme Fear), indicating that investor anxiety has reached its peak.
◇ Coins Stumble as U.S. Tech Stocks Shake... Retail Sales Shock Delivers a Direct Hit
The day’s downturn tracked overnight movements in the New York stock market. While the Dow Jones Industrial Average posted a modest gain, the tech-heavy Nasdaq Composite closed down 0.59%. In particular, major tech stocks that show a high correlation with Bitcoin—except Tesla—collectively weakened, increasing downward pressure on the crypto market.
The primary driver of the market cool-off is slowing U.S. consumption. The announced December U.S. retail sales growth rate came in at 0%, far below market expectations of 0.4%, amplifying concerns about economic weakness. Americans tightening their wallets during the year-end shopping season dampened hopes for a soft landing and immediately translated into risk-off sentiment.
◇ Altcoins Suffer Deeper Losses... Ethereum Barely Clings to $2,000
Amid Bitcoin’s weakness, altcoins fell by even larger margins. Ethereum (ETH) plunged 5.16% day-on-day, hovering near the psychological support level of $2,000 (currently $2,008) and facing the risk of a breakdown. XRP also slid 3.66% to $1.39, while Solana (SOL) dropped 5.67% to $82.42, bringing its weekly loss close to 17%.
The highly volatile meme coin market was no exception. Dogecoin (DOGE) and Shiba Inu (SHIB) have posted weekly declines of around 11%, while the politically themed Trump (TRUMP) coin plunged more than 20% in a week, underscoring the sharp cooling of investor sentiment.
◇ Outlook: Employment Data as the Key Turning Point... Possibility of Further Declines
Market experts expect choppy trading conditions to persist for the time being. With recession concerns confirmed by weak retail sales, market attention is focused on the U.S. January nonfarm payrolls report scheduled for release on the 11th (local time).
If the employment data also comes in weaker than expected, recession fears could spread further, raising the possibility of an additional correction that could push Bitcoin down to the $65,000 level. Conversely, if the labor market demonstrates resilience, a short-term technical rebound driven by oversold conditions may occur; however, given the current extreme fear, a full trend reversal is expected to take time.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses incurred based on it. The content should be interpreted solely for informational purposes.*
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