1. Summary:
Bitcoin is facing a tough battle for support after recent losses, with a drop to $96,000 causing panic among retail and institutional investors. Analysts predict further declines in the BTC price before a potential recovery, with targets as low as the mid-$60K range highlighted. Shifts in US macro policy have also contributed to the downturn in the broader risk-asset rally.
2. Key Insights:
– Bitcoin experienced significant price losses, with a drop to $96,000 causing panic among investors.
– Analysts suggest that Bitcoin may hit new long-term lows before potentially recovering, with targets in the mid-$60K range highlighted.
– US spot Bitcoin exchange-traded funds saw significant net outflows amid the market downturn.
– Onchain data platform Whalemap identified areas of major accumulation by large-volume investors at the mid-$60K to mid-$67K range.
– Shifts in US macro policy, particularly the Federal Reserve’s reduced forecast pace of interest-rate cuts, have contributed to the market downturn.
