Bitcoin must hold support in low 70000 range to maintain bull market

Bitcoin needs to hold support in the low 70000 range to maintain its bull market trajectory, according to Bloomberg Intelligence analyst Jamie Coutts. He noted that the crypto market breadth has sharply collapsed after its strongest outperformance in over a year. While the market has fallen to oversold levels, Bitcoin's support in the low 70000 range is critical. Coutts attributed tightening market liquidity to years of accumulated growth in U.S. national debt and suggested potential U.S. policy responses, including a drawdown in the Treasury General Account, Treasury buybacks, increased issuance of short-term Treasury bills, and a revaluation of gold. He also indicated that Bitcoin is likely to experience significant volatility over the next three to six months.

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