Bitcoin (BTC) experienced sharp downward pressure over the last 24 hours, tumbling near the critical $87,000 support level amidst mounting fears of an imminent US federal government shutdown. The drop represents a significant correction from recent highs, signaling a broad market retreat from risk assets.
The volatility is primarily driven by macroeconomic uncertainty. As the deadline for a funding resolution looms without a clear path forward in Congress, investors are increasingly shifting capital away from volatile cryptocurrencies and into USD liquidity and perceived safer havens. Analysts note that government paralysis not only increases systemic risk but also dampens institutional enthusiasm for the digital asset space.
Major altcoins mirrored Bitcoin’s trajectory, with Ethereum (ETH) and Solana (SOL) recording average losses exceeding 6%. Trading volumes surged across major exchanges, indicating high levels of forced liquidation and panic selling.
Market observers warn that if the shutdown is prolonged, Bitcoin could face further tests of support, potentially driving the price toward the $85,500 zone. A swift resolution from Washington, however, remains the primary catalyst needed for a quick recovery and a return to bullish momentum.
Source: Bitcoin slides near $87,000 as US government shutdown fears weigh on crypto
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