Bitcoin in turbulence, breaking 100,000 still requires a catalyst
Market volatility: Long liquidation and key support
QCP Capital's latest data shows that Bitcoin recently faced $1.5 billion in long liquidations, with a price drop of $3,000 finding support near $95,000. The current price hovers around the $97,000-$98,000 range, undergoing consolidation. Altcoins have been affected by this wave, showing overall weak performance.
Institutional layout: Continuous capital inflow
Despite the market correction, Bitcoin and Ethereum spot ETFs have achieved net inflows for 8 and 11 consecutive days, respectively, with institutional funds continuously increasing their positions. Mining company Riot Platforms has also announced plans to follow MicroStrategy and intends to issue $500 million in zero-coupon convertible bonds to purchase Bitcoin, a plan that has been recognized by the market.
Focus event: Tech giants may ignite the market
Today, Microsoft shareholders will vote on whether to include Bitcoin on the balance sheet. Although the board opposes it, if approved, it could trigger a strong market reaction. At the same time, Amazon shareholders are also pushing for a similar proposal, and the involvement of tech giants will be an important catalyst.
Macroeconomic relief: Waiting for new breakthroughs
With the stabilization of the political situation in France and South Korea, and China's commitment to economic stimulus policies, macro market pressure has eased somewhat. However, Bitcoin's breakthrough of the $100,000 round number still requires strong external driving forces, and the short-term market volatility is high, so investors need to closely monitor subsequent trends.
Pay attention to Lin and the dynamics of tech giants, as this may be the ignition point for the next wave of market action.
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