🚨 Bitcoin plummets! Will it rise back to $90,000 or continue to fall?

Click the avatar live and enter the live room to chat!

At the beginning of the new year, Bitcoin once broke through $102,000, showing strong market performance. However, with a 10% drop on January 9, the price of Bitcoin fell back to $93,000. At the same time, investors began to sell Bitcoin spot ETFs, and the US market recorded the second largest single-day outflow since the fund was launched.

BTC ETF fund outflows set a record!

On January 8, the Bitcoin spot ETF suffered an outflow of $568 million, setting a new record for the second largest outflow since the fund was launched. Previously, the outflow amount on December 19 was $680 million. Fidelity's FBTC fund was hit the hardest, with an outflow of $258 million, followed by Ark Investments and BlackRock's IBIT fund, which had outflows of $148 million and $124 million, respectively. This wave of capital withdrawals comes at a time when concerns about inflation in the United States are growing, causing volatility in the bond market and affecting risky assets such as Bitcoin.

Ethereum ETF is also under pressure

The Ethereum ETF has not been immune. On January 8, its capital outflow reached $159 million, the largest single-day outflow since July. This has exacerbated the uncertainty in the crypto market. CoinGlass data shows that the total liquidation of the cryptocurrency market has reached $464 million in the past 24 hours, showing the huge pressure on the market.

The market remains "greedy" and looks forward to a turnaround!

Despite these challenges, the "Fear and Greed Index" of the cryptocurrency market is still in the "greed" zone, with a score of 69, indicating that investor sentiment has not yet been completely negative. Analysts say that economic data such as the upcoming non-farm payroll report may bring some turnaround to the market and boost prices.

Bitcoin Price Analysis: Is $90,000 the Next Step?

Bitcoin prices continue to fall, currently trading below $93,403, and have fallen 2% in the past 24 hours. If the price fails to hold the critical support at $92,493, the next downside target could be the important $90,000 mark. The relative strength index (RSI) is currently at 43, indicating that the market is still facing strong bearish pressure. For Bitcoin to regain strength, it must overcome this pressure and strive to return to the $100,000 mark.

Click the avatar live and enter the live broadcast room to chat!