Bitcoin (CRYPTO: BTC) is down over 5% on Thursday as broader risk-off sentiment sweeps through global markets.

Why Caution Is Warranted

Weakening tech earnings and a hawkish pivot from the Federal Reserve are driving capital out of risk assets.

Crypto trader Jelle highlighted that this is the largest Bitcoin correction since 2021, but it’s still far from the biggest drawdown in BTC’s history.

Bitcoin has repeatedly recovered from much deeper declines and gone on to set new all-time highs.

Given that track record, it wouldn’t be surprising if this correction ends up being another temporary setback before a renewed move higher.

Crypto chart analyst Ali Martinez noted that with the Coinbase…

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