Bitcoin (BTC) Price News: New Lows Below $93K, but Local Bottom Could Be Near, Analysts Say

Bitcoin (BTC) has dropped to a new six-month low below $93,000, marking a significant decline of 27% from its peak just over a month ago. After experiencing a brief rebound, Bitcoin continued its downward trend, driven by worsening sentiment in the crypto market and stronger-than-expected economic data influencing Federal Reserve rate cut expectations. Analysts from Bitfinex suggest that a local bottom may be forming, particularly as short-term holders begin to capitulate, a common pattern observed in past market cycles. The latest moves in Bitcoin have also negatively impacted related equities, with significant declines seen in companies such as Coinbase and Circle. Amid these challenges, Bitcoin futures indicate potential technical weaknesses could apply downward pressure, as gaps from previous trading sessions remain unfilled. Despite the bleak outlook, some market observers believe that the conditions may soon stabilize, allowing for a potential rebound in local Bitcoin prices.

Source 🔗