Bitcoin at Risk of Plunging to $81,000 Amid Macro Pressures
Bitcoin's recent price drop has left analysts wondering if it could be at risk of plummeting to $81,000. The cryptocurrency currently trades near $83,420, down 0.53% over the past 24 hours.
The broader crypto market weakened due to rising Treasury yields, higher oil prices, and geopolitical uncertainty, which weighed on market sentiment. This has led to a decline in Bitcoin's price, accompanied by a 0.63% drop in the total crypto market value.
US spot Bitcoin ETFs have continued their inflow streak, collecting nearly $3.1 billion over nine trading days. However, this growth may not be enough to counteract the macro pressures building on the market.
Kyle Rodda, senior financial market analyst at Capital.com, attributed the pause in Bitcoin's rally to energy costs, while also describing its technical position as 'quite constructive.' Utkarsh Ahuja, managing partner of Moon Pursuit Capital, warned that tighter financial conditions can quickly affect crypto prices.