started · updated
Bitcoin faces volatility amid US inflation data and analyst disagreement
The cryptocurrency market experienced significant volatility as Bitcoin fluctuated between approximately $79,700 and $84,350. Market sentiment was heavily influenced by US economic data, including a 3.7% annual consumer inflation rate and a 0.6% month-over-month increase in consumer prices. These figures have heightened uncertainty regarding Federal Reserve interest rate policies.
Analysts remain divided on Bitcoin's long-term trajectory. Bloomberg strategist Mike McGlone warned that a 20% decline in the US stock market could potentially drive Bitcoin down to $10,000. Conversely, CryptoQuant CEO Ki Young Ju argued that an on-chain floor of approximately $30,000 is supported by $58 billion in ETF inflows and roughly 1.3 million BTC held by corporate treasuries.
While Bitcoin faced selling pressure and liquidations, some technical indicators suggest potential for recovery. Ethereum also faced downward pressure, testing the $2,300 level during the week. The market continues to monitor institutional capital movements and macroeconomic shifts, including oil prices and US Treasury yields, to determine the next major trend.
Entities
Binance · Bitcoin · Bitcoin · Coinbase · CryptoQuant · CryptoQuant · Deribit · Dogecoin · Ethereum · Ethereum · Federal Reserve · Glassnode
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] A 20% drop in US stocks could lead to Bitcoin falling to approximately $10,000. blockchainseoul.kr
- [○ 1 SOURCE] High US Treasury yields reduce the attractiveness of non-yielding assets like Bitcoin and gold. blockchainseoul.kr
- [DISPUTED] Long positions made up 79.5% of the $830 million in derivatives liquidations over a 24-hour period.
- [○ 1 SOURCE] Bitcoin's 50-week moving average is exhibiting a downward trend similar to the 2022-2023 period. blockchainseoul.kr
- [○ 1 SOURCE] Bitcoin mining difficulty rose by 5.92% to reach 140.58T.
- [● 2 SOURCES] US Bitcoin spot ETFs saw a net outflow of $158.7 million from the 12th to the 15th. www.ilfaroonline.it
- [○ 1 SOURCE] The average hash rate of the Bitcoin network reached 1033.62 EH/s.
- [○ 1 SOURCE] Bitcoin futures open interest remained relatively stable, decreasing by only 0.14% despite significant liquidations.
- [● 5 SOURCES] Bitcoin fell below $80,000 on Thursday. www.borsagundem.com.tr · portaldobitcoin.uol.com.br · www.tronweekly.com · www.it-boltwise.de · newsbit.nl
- [● 2 SOURCES] CryptoQuant CEO Ki Young Ju estimates an on-chain floor of $30,000. www.criptonoticias.com.br · bitcoinbasis.de
- [○ 1 SOURCE] Bitcoin ETFs saw approximately $145 million in net outflows over the week. www.riotimesonline.com
- [○ 1 SOURCE] Ethereum tested the $2,300 level during the week. www.borsagundem.com.tr