Bitcoin Price Drops Below $80k Amid Bond Market Woes and Macroeconomic Uncertainty
The Bitcoin price has fallen below $80,000 despite significant institutional buying. According to CryptoQuant, Bitcoin ETFs have recorded roughly $21.9 billion in positive net flows over the last 30 days.
This surge in bullish activity has pushed the ETFs' cost basis into a strong positive level. However, the price has retreated by about 5% from its high of $82,281 last week, signaling that momentum may be dwindling and profit-taking could continue to suppress the price unless fresh momentum emerges.
The recent decline in Bitcoin price appears to be linked to bond market woes and a worsening macroeconomic picture. The Treasury's buyback efforts have been seen as an intervention, but rising geopolitical tensions and oil prices have sent mixed signals to the market, negatively affecting investor sentiment.