Bitcoin Price Drops Over 8.8% Following Bybit Hack

Bitcoin's price has declined over 8.8% since Friday, following a major hack at Bybit. It peaked at $99,493 last week but dropped to around $91,500, marking a 5.5% decrease since Monday. This decline disrupts Bitcoin's attempt to maintain a valuation above $95,000 and risks breaking out of its trading range of $91,000 to $102,000 established over 97 days. The price also fell below a descending trend channel active since January 20.

Market Insights

• Ari Paul from BlockTower Capital predicts continued weakness in equity markets may affect digital assets.
• Paul suggests cryptocurrencies follow different cycles than equities but may initially correlate with them.
• He foresees Bitcoin potentially retracing to the $73,000-$77,000 range.
• Arthur Hayes warns of increased selling pressure due to ETF and futures market mechanics.
• 10x Research reports that only 44% of net inflows into Bitcoin ETFs represent true long positions.
• Tony Severino highlights extreme tightness in Bollinger Bands, indicating potential for significant price movement.
• Chris Burniske argues this pullback does not necessarily signal the start of a bear market.

As of now, BTC trades at $90,537 amidst ongoing market volatility.