Bitcoin is caught in a dangerous holding pattern as Fed futures markets now price a 54% probability of rate hikes in 2025, flipping the macro backdrop sharply against risk assets. The $76,000 support zone is under sustained pressure from three converging forces: ETF outflows, rising yields, and elevated leverage across derivatives markets.
Long-term holders are still accumulating, providing a structural floor — but short-term demand has visibly weakened, and that divergence is what makes the current range fragile. When the patient money is buying and the active money is leaving, the net flow tends to resolve to the downside until macro conditions shift.
A break below $76,000 opens a technical path toward $70,000, a level that would represent a meaningful retracement and reset speculative positioning significantly. The rate-hike repricing is the key variable: any further hawkish Fed…