BTC has continued to be impacted by broader market headwinds.

$DXY increasing reflects inverse correlation, while BTC continues to show increased correlation to $SPX & slightly less loose correlation to $NDX.

Flipping to 1-day chart gives a zone between $25.8k & $31.8k as area of contention between bulls & bears.

Loss of $28.5k with a daily candle close has potential to result in a cascade of selling pressure as institutions bought in heavily from $28k to $30k.

Historical $BTC Retracements from bull market tops has been ~85%… giving a price target of $10.5k from $69k ATH in November 2021.

With tightening monetary policies and the current inflationary challenges increasing, if the Fed stops QE , sub $10k price is not impossible.

Bitcoin has not existed in a hawkish Fed environment or faced inflationary pressures… only way this seems avoidable would be complete runaway inflation w/ prices surging across the board.

Will Bitcoin recover? YES… there will be quite a bit of volatility beforehand.