Bitcoin in technical void, potential drop to $45k

Key Facts

In the absence of clear bullish catalysts, Bitcoin faces increasing technical pressure after falling below key support levels on the chart and on-chain valuations. According to a report from CoinDesk, historical bear market patterns suggest the cryptocurrency could find a bottom near $45,000, a level representing a significant decline from current prices.

This decline comes amid a volatile macro environment, with Canadian inflation coming in higher than expected and a speech from Fed's Waller, adding to uncertainty in risk assets.

Traders are watching upcoming central bank speeches and US PMI data, which could shape the dollar and risk appetite. If pressure on Bitcoin persists, it may pave the way for a test of the $30,000 area as next support, with the distant $45,000 level remaining a bearish target per historical patterns.