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Bitcoin has retreated to the $60,000 support level, a line the market has treated as significant across multiple tests. The case for a recovery rests on how well that floor holds.
What complicates it is a convergence of pressures that have little to do with Bitcoin's own fundamentals. Three sources of sell pressure The headline driver is a surge in oil prices.
Rising oil tightens the macro environment and tends to pull capital away from risk positions, with $BTC rarely immune when that rotation begins in earnest. Japan's economy is the second weight on the tape.
Contagion fears out of Japan have rattled global markets before, and the concern now is that fresh financial stress there triggers risk-off positioning across asset classes.
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