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Bitcoin fell below $60,000 for the first time since February, hitting a multi-month low of $59,743 before rebounding to $60,834. The decline reflects growing bearish momentum, though buyers intervened near the lows to stabilize the price. Meanwhile, U.S. stock indices like the NASDAQ and S&P 500 continued their downward trend, with the NASDAQ down 2.66% and the S&P 500 down 1.64%. Technical analysis highlights key support levels for the NASDAQ near 26,048, which includes the 200-hour moving average and Fibonacci retracement levels. A break below this level could target 25,694.60, raising concerns about further declines.
The weakness in Bitcoin and equities signals broader market uncertainty, driven by macroeconomic pressures and risk-off sentiment. Traders are closely monitoring Bitcoin's ability to reclaim the $65,000 resistance level, which would signal a potential reversal in the short-term trend. For stocks, the breakdown of key support levels could trigger a wave of stop-loss orders and increased volatility. The interplay between crypto and equity markets underscores the interconnectedness of global financial assets.
For investors in the MENA region, the decline in Bitcoin and U.S. stocks highlights the risks of holding leveraged positions in volatile assets. Traders should watch for follow-through selling in Bitcoin and potential policy responses from central banks. The NASDAQ's proximity to critical technical levels adds urgency to the situation, with further declines potentially spilling over into other asset classes.
