This is not a normal dip. Two macro bombs just detonated at the same time.
Bomb one: Brent crude blew past $107 after Iran infrastructure strikes. Oil at $107 doesn't stay in the energy sector it reprices inflation expectations across every single asset class.
Bomb two: PPI printed +0.7% versus 0.3% expected. Before the oil spike even hit. Inflation was already running hot before geopolitics made it worse.
The Fed responded exactly as expected held rates at 3.50-3.75%, bumped the year-end inflation outlook, and pushed rate cuts to September at the earliest. The tailwind that was carrying risk assets just disappeared.
$100B wiped from crypto market cap in one session. $BTC down nearly 4%.
Here's the only thing that matters right now:
→ $69K-$70K must hold this is the last real line of defense
→ Break below and $60K becomes the next conversation
→ $78K reclaim needed to flip structure back bullish
No rate cut catalyst = no sustained recovery. Macro is in control until something changes.
Bearish until proven otherwise. Manage your risk. 🔻