News: Bitcoin experienced a significant price pullback, erasing a substantial portion of its recent gains and signaling strengthening downside momentum. Short-term indicators suggest continued weakness, with a key support level at $8,000 being tested. Meanwhile, long-term developments like the progress on the Taproot upgrade and Bakkt's consumer app plans offer potential for future adoption, though their immediate impact is limited. Regulatory developments, such as increased tax compliance and the extradition of an alleged Bitcoin launderer, add to the uncertain short-term outlook, while broader trends like the move towards digital cash and institutional interest in crypto remain positive long-term drivers.

Market Probabilities: 
Bull 35% | Base 40% | Bear 25%

Recommendations: 
Short-term: HOLD
Long-term: BUY
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