- Bitcoin's price tumbles to $67K during Asian trading hours, marking a 7% decline before stabilizing around $68,500.
- Over $100 million in bitcoin long positions wiped out within 12 hours, with $167 million liquidated over 24 hours, according to CoinGlass data.
- CoinDesk 20 index, reflecting major digital assets, falls 6% alongside bitcoin's dip, indicating broader market pressure.
- Analysts attribute BTC's pullback to a typical breather in a bullish trend, citing cooling expectations of a Fed rate cut and gold price drops.
- Greta Yuan of VDX suggests that the recent surge in bitcoin prices has been too rapid for accurate market pricing, necessitating a correction.
- Adrian Wang of Metalpha points to market adjustments ahead of the upcoming mining reward halving event, potentially driving uncertainty.
Concerns arise over the trading volume of Blackrock’s Bitcoin ETF, fueling fears of excessive price surges and possible flash crashes. - QCP Capital predicts short sell-offs to have limited impact on the overall uptrend, citing strong daily BTC spot ETF demand.
- Volatility expected over the weekend as anticipation builds for the release of Federal Open Market Committee minutes.
- Despite short-term fluctuations, strong demand for year-end BTC 100-150k calls indicates underlying bullish sentiment among investors.
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