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Institutional demand for Bitcoin through spot ETFs has surged, nearly doubling miners' production and causing a liquidity squeeze. Recent inflows reached $5.5 billion, while miners face declining revenues due to increased costs and a halving event. Bitcoin's price, currently at $95.9k, may see further liquidation if it falls below $90k, as analysts predict a potential correction following historical trends.
Bitcoin prices have plunged 12% from their all-time high, hitting an intraday low of $93,810, marking the worst week since Trump's election. Analysts suggest a multi-week correction is underway, with the $90,000 level critical to avoid further liquidations. Meanwhile, some altcoins like Solana and Chainlink are showing minor recoveries.
Bitcoin's price briefly dipped below $100,000 following the Federal Reserve's cautious outlook on interest rate cuts, dropping to $98,760 before recovering. Despite this volatility, the cryptocurrency remains up about 50% since the US elections, buoyed by optimism around regulatory changes. Analysts suggest that Bitcoin must surpass $105,400 to shift the current bearish sentiment, while concerns about persistent inflation continue to loom.
Sean McNulty
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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