Bitcoin Price Dips Below $98,000 Before Rebounding to ~$102,000
Bitcoin's price dipped below $98,000 before rebounding to approximately $102,000. As of 2 PM ET, it was trading around $99,400.
Key points include:
- President Trump's executive order prevented significant BTC sell-off after reaching an all-time high near $109,000.
- Market participants are looking to take profits or swap BTC for underperforming assets.
- BTC shows a strong correlation with equities, with a 30-day Pearson correlation of 0.7 with the S&P 500 and Nasdaq.
- BTC reacted cautiously following last week's Bank of Japan rate hike and concerns over China's AI advancements.
- Bitcoin options implied volatility fell 13% last week, indicating lower expectations for price action.
- US spot BTC products approached nearly $40 billion in net inflows within a year of market availability.
- MicroStrategy continues substantial BTC purchases, while other companies plan similar acquisitions.
- Day 799 of a potential bull market, historically lasting around 1,000 days.
- Long-term investment behaviors are reducing market volatility, termed “The Silent Put.”
- Expectations for BTC to reach $126,000 in the next two months, amid anticipated directionless volatility.