$BTC The price of Bitcoin (BTC) today fell as the cryptocurrency market experienced a sell-off on January 7, losing 250 billion USD in 24 hours. The price of Bitcoin decreased from 102,000 USD to 96,000 USD.

The main reason is the rise in the yield of the 10-year US government bonds, as December PMI data showed a surprising growth in the services sector. Concerns about inflation may delay the Federal Reserve's rate cuts, reducing the appeal of risk assets like cryptocurrencies.

This price drop has put significant pressure on traders, leading to the liquidation of 561 million USD in long positions. Other cryptocurrencies were also affected, with Ethereum down more than 8%, Solana down more than 9%, and XRP down 5%.

After two days of inflows, Bitcoin ETF recorded an outflow of 543.7 million USD on January 7, with major companies like Ark Investment and Fidelity experiencing significant outflows.

According to analyst Glassnode, the selling pressure on Bitcoin is decreasing but new demand is also slowing. If the market recovers, the 100,000 USD target remains feasible. However, if it cannot hold above the support level of 95,668 USD, the price may drop further to 93,625 USD.