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This is a segment from the Forward Guidance newsletter. To read full editions, <\/em>subscribe<\/em><\/a>.<\/em><\/p>\n You probably saw bitcoin\u2019s latest price plummet, briefly falling below $86,000 for the first time since November. It comes as the Bybit hack<\/a> and SEC<\/a> moves<\/a> grab headlines \u2014 not to mention the relentless non-crypto macro developments.<\/p>\n Even before BTC\u2019s drop, Bitfinex analysts laid out the scene. Bitcoin had mostly traded between $91,000 and $102,000 for weeks, rearing its head to a peak around $109,000 last month.<\/p>\n \u201cBitcoin remains at a critical juncture after nearly 90 days of consolidation,\u201d they explained. \u201cAs market participants await a catalyst, bitcoin\u02bcs next major move will likely be dictated by macroeconomic trends and could be decisive.\u201d<\/p>\n Fast forward a day, and Compass Point analysts Ed Engel and Joe Flynn note that BTC\u2019s latest drop means it has broken the $92,000 support level (the cost basis for holders who bought within the last six months).\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n \u201cSelling has accelerated as short-term holders are less likely to tolerate unrealized losses,\u201d they explained. \u201c$86,000 is the last line of defense before the air pocket of trading activity that took place between $77,000 to $86,000.\u201d<\/p>\n BTC\u2019s price hovered around $86,950 at 2 pm ET. That\u2019s down 5% in the past 24 hours. It\u2019s a 9% drop from seven days ago and a 17% decrease over the last month.<\/p>\n Trading volumes remain near year-to-date lows and slightly above pre-election levels, Engel and Flynn added.<\/p>\n CoinShares research head James Butterfill attributed the flow of $571 million out of bitcoin investment products last week to \u201cuncertainty<\/a> around trade tariffs, inflation and monetary policy.\u201d<\/p>\n The US spot bitcoin ETFs saw $516 million more leave their coffers yesterday, Farside Investors data<\/a> shows \u2014 the highest level since Jan. 8. Those funds have now endured net outflows for five straight days.<\/p>\n Bitcoin\u02bcs increasing correlation with traditional markets has exacerbated this \u201ccorrective phase\u201d seen across crypto assets, Bitfinex analysts argue, noting the S&P 500\u02bcs fall below<\/a> the 6,000 level.<\/p>\n And if you missed it, Blockworks\u2019 David Canellis took a look<\/a> at the timing of the last bull market\u2019s 50% correction, and what that could signal this time around.\u00a0<\/p>\n Get the news in your inbox. Explore Blockworks newsletters:<\/strong><\/p>\n This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. You probably saw bitcoin\u2019s latest price plummet, briefly falling below $86,000 for the first time since November. It comes as the Bybit hack and SEC moves grab headlines \u2014 not to mention the relentless non-crypto macro developments. Even before BTC\u2019s drop, […]<\/p>\n","protected":false},"author":2,"featured_media":375321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-375320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/375320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=375320"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/375320\/revisions"}],"predecessor-version":[{"id":375322,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/375320\/revisions\/375322"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/375321"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=375320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=375320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=375320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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