Core Viewpoint - Bitcoin experienced a significant sell-off, dropping over 6% within 24 hours and briefly falling into the low $83,000 range, driven by multiple macro risks converging simultaneously [1][2]. Geopolitical Risks - Rising tensions between the US and Iran have reignited global risk-off positioning, with Washington issuing warnings and Iran indicating readiness to respond forcefully, raising concerns about potential miscalculations [2][3]. - Markets typically react to early stages of geopolitical escalation by adopting a risk-off stance, leading to short-term de-risking in Bitcoin, especially when leveraged positions are high and liquidity is low [3]. Government Shutdown Concerns - Investors are increasingly anticipating a US government shutdown due to stalled funding negotiations, which could disrupt federal agency operations and reduce fiscal clarity [4]. - Historically, Bitcoin has seen notable price declines during previous government shutdowns, with losses reaching up to 16% [4]. Winter Crisis Impact - A severe winter storm is causing power outages and infrastructure strain across the US and Canada, contributing to broader risk aversion in the market [6][7]. - While weather events are not primary catalysts for Bitcoin price movements, they can reinforce a defensive market mood when combined with geopolitical and fiscal stress [6][7]. Price Action Analysis - Bitcoin's intraday chart indicates a prolonged decline followed by a sharp breakdown late in the session, suggesting that the sell-off was driven more by forced positioning adjustments rather than discretionary selling [8].