U.S. Government Shutdown Fears Impact Bitcoin and Crypto Markets
- Traders on Polymarket now estimate an 84% chance of a U.S. government shutdown before February 14, up from previous levels.
- The total cryptocurrency market cap has decreased by 1.8%, settling at $2.3 trillion.
- Bitcoin’s price recently dipped below $70,000, raising concerns of further declines as the Fear and Greed Index fell to a score of 9.
- Technical indicators show Bitcoin’s RSI at approximately 30.54, indicating oversold conditions, while the MACD remains deeply negative.
- Key support for Bitcoin is identified at $65,700, with resistance now between $70,000 and $72,000.
As fears of a government shutdown rise alongside declining risk sentiment in digital assets, Bitcoin faces significant pressure near critical support levels. The increasing odds of a shutdown have led to heightened uncertainty in the markets.
With Bitcoin currently around $67,000 and technical indicators suggesting bearish momentum, traders remain cautious as they navigate this turbulent environment.(Source)
