Bitcoin (BTC) has had a tough week, dropping nearly 9% to around $58,000 as of Friday. The broader crypto market has also bled, with Ethereum (ETH) and Solana (SOL) down over 8% and 15% respectively.The sell-off appears to be driven by a few key factors:
Institutional investors have been net sellers, with crypto funds seeing outflows last week.
Whales and ETF investors have been putting selling pressure on ETH.
Leveraged traders have been hit hard, with over $320 million in liquidations in the past 24 hours as BTC plunged.
However, there are some bullish signs:
Bitcoin whales have been accumulating, with a net gain of wallets holding at least 100 BTC in the past month.
Options traders are highly optimistic, with concentrated call options targeting a $100K BTC price.
Looking ahead, a key indicator called the Puell Multiple suggests BTC could be nearing a good buying opportunity if it drops below 0.6. But for now, the crypto market remains in a precarious position as it tests key support levels.
