Bitcoin Price Crashes Below $98,000 Close to Six-Month Lows
Bitcoin's price dropped sharply to near $98,000, driven by long-term holder selling and weakened institutional demand.Summary
The Bitcoin price experienced a sharp decline, falling from an intraday high of $104,000 down to $98,113, approaching levels last seen around early May. This sell-off is attributed to long-term holders unloading significant amounts of BTC (about 815,000 BTC in 30 days), coupled with weakening spot and ETF demand, and institutional buying dropping below daily mining supply. Analysts note that Bitcoin is currently hovering near the crucial 365-day moving average around $102,000, and failure to hold this level could lead to deeper losses. However, JPMorgan suggests a price floor near the estimated production cost of $94,000, maintaining a long-term upside projection of $170,000. Furthermore, analysis from Wintermute indicates Bitcoin is exhibiting a negative correlation skew with the Nasdaq, reacting more strongly to equity drops than gains, suggesting investor fatigue despite the price being relatively close to all-time highs.
(Source：Bitcoin Magazine)