UBS Hawkish Reversal Drives Bitcoin Below $80K

Bitcoin's price has dropped below $80,000 due to a hawkish reversal by UBS triggered by strong US jobs data. This has reinforced expectations of prolonged restrictive monetary policy, putting downward pressure on BTC through at least December.

The technical setup is seen as a critical inflection point for the broader crypto market. Analysts warn that the current situation represents a fragile sentiment environment.

Regulatory scrutiny in Europe has intensified, with Italian authorities mandating compulsory transfer controls for crypto operators and Swedish tax authorities demanding $51 million in back taxes from six firms.