Last week, it was mentioned that after BTC challenged and broke through $98,000, there was a high chance of testing $93,000. As a result, on Monday morning, a small version of the “11/10 crash” replayed itself, with BTC dropping directly from $95,000 to a low of $91,000, then temporarily stabilizing at the $93,000 level. Altcoins experienced another major sell-off, with over $860 million in positions forced to liquidate, of which $780 million came from long positions.
At the same time, gold prices hit a new high, breaking through $4,600 per ounce. The market believes this was caused by Trump’s weekend tariffs on Denmark and seven other European countries, imposing a 10% tariff, which reignited geopolitical risks due to tariffs and trade wars, boosting safe-haven demand and prompting the sell-off of risk assets. Since Monday was a holiday in the US, cryptocurrencies naturally became the primary target for selling.
Looking at the BTC daily chart, the price has once again fallen below the short-term trendline, indicating a potential further decline. Additionally, this week features several geopolitical events, such as Trump’s tariffs on Europe, the Iran situation, Japan’s interest rate hike, and the dissolution of the House of Representatives, all of which could trigger market panic. Therefore, it is expected that the crypto market will continue to fluctuate at low levels this week. There may be a rebound midweek, but concerns over Friday’s rate announcement in Japan and weekend safe-haven demand could also drag the market down. BTC might even challenge $91,000 again, pulling the overall market lower.
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