7 April 2025
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BTC Price Drops Below $75,000 Amid Ongoing Market Volatility
During the past week, the crypto market experienced volatility, particularly with Bitcoin (BTC) showing resilience initially before a significant price drop. Key points include:
- BTC's price was around $83,000 on Friday but fell below $75,000 over the weekend.
- Institutional buying of BTC persists, with Strategy purchasing 22,048 BTC at an average price of ~$87,000 the previous week.
- GameStop raised $1.3 billion in a private offering; part of the proceeds may be allocated to BTC purchases.
- Net outflows from US spot Bitcoin ETFs have remained modest, totaling $165 million last week after peaking at $1.1 billion on February 25.
- Analysts highlight that BTC's behavior reflects its role as a potential store of value amid macroeconomic uncertainty.
- Key support levels for BTC are noted at $74,000 and $72,000, with expectations of Federal Reserve rate cuts potentially benefiting risk assets.
- The probability of a 25bps rate cut next month is estimated at 36%.
- Long-term, geopolitical tensions may lead to increased interest in BTC as countries seek currency stability.
Market participants continue to monitor developments closely, especially regarding economic policies and their impact on asset prices.