Bitcoin's Demand Flips Negative as Price Struggles with $77K Resistance
Bitcoin's price struggled to break above $77,000 on Wednesday, as its apparent demand turned negative once again. According to data from CryptoQuant, the indicator measuring the difference between newly mined issuance and changes in inactive supply flipped back into negative territory after a brief reprieve during the August rally.
The move came after US spot Bitcoin exchange-traded funds (ETFs) recorded outflows of $236 million the day prior. This led to a sell-off in Bitcoin, with prices dropping to a local low of $76,400 before reclaiming $77,000. The price remains pinned under a cluster of resistance that has been previously reported.
Elsewhere in markets, Asian equities suffered steep declines, likely driven by soaring oil prices and further profit-taking in the AI sector. South Korea's KOSPI fell 4.0% to close at 6,562.72, while Japan's Nikkei 225 dropped 2.9% to 64,325.64.
The global bond rout that was reported on Monday eased slightly as the US 10-year yield briefly dipped below 4.8%. There was inorganic price action in the USD/JPY pair at 13:00 UTC, which commentators widely took as a sign of another central bank intervention. The USD/JPY declined to 158.5, retreating from the psychological 160 level.