U.S. president Donald Trump’s surprise nomination of Kevin Warsh as the next Federal Reserve chair caused the dollar to rise and bitcoin to fall below a key support level. Glassnode data shows bitcoin was near a crucial support level at $83.4K. Bitcoin lost over 9.2% in value over the past week, now trading at $81,200. The broader market, per the CoinDesk 20 index, lost 12.4%. Despite the drop, Glassnode reports that short-term holder supply held at a loss, suggesting resilience. Crypto Fear & Greed Index hit “extreme fear.” Santiment’s report indicates extreme negativity in sentiment, potentially signaling a local bottom. Long-term bitcoin holders are selling at the fastest pace since August as prices fell due to the U.S. dollar’s decline reversing. Bitwise’s CIO suggests crypto may be in the late stages of a bear-market bottom.

Read more at Yahoo Finance: Bitcoin breaks key support level as Glassnode warns of further price breakdown