Bitcoin Drops Below $98,000 Amid Concerns Over Bull Run Stability
Bitcoin (BTC) has declined to just below $98,000, marking a nearly 10% drop from its all-time high of $109,000. This decline raises investor concerns about the continuation of the bull run.
Key points include:
- Decline attributed to competition from China's DeepSeek AI.
- BTC previously rallied from $66,000 to $109,000, experiencing two corrections of 15% and multiple double-digit drawdowns.
- Short-term holder cost basis is at approximately $91,000; falling below this level could jeopardize the bull run.
- Funding rates for Bitcoin have turned negative, indicating bearish sentiment.
- Forecasts suggest potential correction to between $70,000 and $75,000 before a possible rise to $250,000.
- U.S. markets are also under pressure, with Nasdaq futures down by as much as 4%.