While Bitcoin and the cryptocurrency market in a broader sense have experienced a great selling pressure in the last 24 hours, the above-expected PPI data announced yesterday accelerated this selling pressure.
At this point, while Bitcoin fell to $ 65,000 and Ethereum dropped to $ 3,500, Singapore-based cryptocurrency company QCP Capital said that the market was especially worried about BTC being below $ 65,000 and ETH below $ 3,000.
Analysts stated that the decrease in inflows in spot BTC ETFs and the sales of institutional investors who made extremely aggressive purchases during the rise were effective in these declines, and warned that downward pressure may continue, stating that high volatility may be seen at the end of the week.
“High volatility entered the market before the weekend, with BTC falling to 65,565 and ETH falling to 3,566, and this may continue.
BTC spot ETF inflows have weakened to a net $132.7 million, indicating a very sharp decline in demand.
“In the face of high volatility, investors are worried about BTC falling below 65,000 and ETH falling below 3,000.”
Analysts say the risk has reversed for both Bitcoin (BTC) and Ethereum (ETH) and that investors are now turning towards put options, expecting a decline in the short term.
However, analysts believe that these fluctuations are unlikely to have a lasting impact on the overall uptrend, as analysts maintain long-term bullish sentiment, especially as they expect demand for daily spot BTC ETFs to continue.
Because analysts stated that BTC call options continue to be in demand at prices ranging from 100,000 to 150,000 dollars, “which points to bullish expectations for Bitcoin's performance until the end of the year.” said.
*This is not investment advice.
