Bitcoin (BTC) fell below $98,000, down nearly 10% from its all-time high, as investors question whether the bull market can continue.
Fall attributed to worries about China’s economy DeepSeekArtificial Intelligence A super-efficient model that competes with American industry at very low costs.
Since President Trump won the US election, Bitcoin has jumped from $66,000 to an all-time high of $109,000. During the rally, BTC saw two corrections of up to 15%, in addition to multiple double-digit declines. Therefore, Bitcoin’s 10% drop appears to be consistent with previous losses.
A reliable support indicator during a bull market is the short-term holder cost basis, which is the average on-chain cost of a token that has moved over the past 155 days. This level is currently around $91,000, which means that if BTC falls below this point, it could put pressure on the bull market.
But as Bitcoin’s funding rates begin to fall, bearish sentiment has begun to heat up negative. return Arthur HayesThe Bitmex co-founder expects the price to adjust between $70,000 and $75,000 before reaching $250,000. CoinDesk Omkar Godbole It has also been reported that if Bitcoin triggers a so-called “double top” bearish reversal pattern, its price could drop to $75,000.
The pullback was not limited to cryptocurrencies; U.S. markets suffered a sell-off, with Nasdaq futures down as much as 4%.
