Coinspeaker
Jan 9, 2025
1 0

Bitcoin Market Cap Drops 9% as Price Falls Below $93,000

The total cryptocurrency market cap decreased from $3.5 trillion to $3.2 trillion, marking a 9% decline. Bitcoin is currently trading below $94,000, with fears of further pullbacks towards $86,000.

Bitcoin Price Analysis

  • BTC price shows correction after resistance at $102,000.
  • 50 and 100 EMA lines indicate bearish crossover.
  • RSI reached oversold levels; BTC nearing support at $92,118.
  • A potential drop to $92,000 may occur, but a V-shaped recovery could challenge the 200 EMA at $96,397.

ETFs Record ~$580 Million Outflow

  • Institutional support for Bitcoin declined significantly.
  • On January 8, US-based spot Bitcoin ETFs had a net outflow of $582.90 million.
  • Fidelity’s FBTC led with $258.69 million in outflows.
  • Total net assets of Bitcoin ETFs dropped to $106.8 billion.
  • This marks the second largest outflow in Bitcoin spot ETF history.

Support Levels Identified

  • Key support for Bitcoin identified at $93,163.
  • Support range extends from $90,385 with a volume of 222.2k BTC.

Open Interest and Liquidations

  • Bitcoin open interest fell to $60.74 billion, down 2.23% in 24 hours.
  • Liquidations totaled $480 million, with bulls losing $341 million.
  • The largest single liquidation was $15.30 million on OKEx.

Whale Activity

  • Over the past week, more than 22,000 Bitcoins worth $2.10 billion were withdrawn from exchanges.
  • This trend may act as a bullish catalyst once market stabilizes.