Bitcoin (BTC) dropped to eight-day lows as macro headwinds created new challenges for bulls. The failed breakout from its multimonth range led to price weakness. Targets for BTC include a drop to 15-month lows, with data showing a potential retest of $90,000. Geopolitical and macroeconomic forces, including a US-EU trade war over Greenland, contributed to market volatility.

Liquidations hit $360 million in 24 hours as BTC slid, with signs of panic in exchange order-book data. The selloff was not a surprise for some analysts, who had been monitoring chart indicators like the “death cross” involving SMAs. Some traders predict a further drop below $60,000, with key support levels and potential bounce areas identified. Despite the market turmoil, traders remain vigilant and continue to analyze BTC’s price movements carefully.

Read more at Cointelegraph: Bitcoin’s “Failed” Breakout Sees $58,000 Target Return