INSUBCONTINENT EXCLUSIVE:
As of 6:00 AM GMT on January 10, 2025, Bitcoin trades at $94,121.88, up 1.72% in the last 24 hours
The cryptocurrency market experienced significant volatility yesterday and overnight, with Bitcoin briefly dipping below $93,000 before
The 24-hour trading volume for Bitcoin stands at $62.25 billion, slightly above the average volume of $57 billion.The cryptocurrency market
CoinSwitch reported that Bitcoin fell to $92,500, dragging altcoins into double-digit losses
sell-off, involving assets seized from the defunct Silk Road marketplace, has disrupted market equilibrium
The funds have reportedly begun flowing into Coinbase Prime, signaling imminent market activity
Investors worry about further price declines as the market absorbs this influx of liquidity.Bitcoin Dips to $93,433 as ETF Outflows Hit $568
(Photo Internet reproduction)Institutional sentiment has also weakened, with major Bitcoin ETFs reporting significant net outflows
These outflows indicate waning confidence among institutional investors, traditionally seen as stabilizing forces in the crypto
market.Technical analysis reveals bearish indicators for Bitcoin
A head-and-shoulders pattern and bearish divergence in the Relative Strength Index point to a potential drop to the $85,000-$86,000 range
Analysts stress the importance of the $92,000 support level, warning that consistent closes below this threshold could trigger further
declines.Despite the current setback, Bitcoin continues to gain traction among institutional investors
Nation-states such as El Salvador have adopted Bitcoin to hedge against inflation, underscoring its growing role in the global financial
system.Bitcoin Dips to $93,433 as ETF Outflows Hit $568 MillionThe supply of Bitcoin on centralized exchanges is shrinking, driven by
sustained accumulation by institutional players
This trend could support prices in the medium to long term
The upcoming inauguration of President-elect Donald Trump, who has expressed favorable views on cryptocurrency, might mark a turning point
for the industry.Traders closely watch the $90,000 psychological support level
A break below could lead to further selling pressure, while holding above may encourage buyers to re-enter the market
while Bitcoin faces short-term headwinds, many analysts maintain a bullish long-term outlook
However, traders should remain cautious and monitor key support and resistance levels in this volatile market environment.
