Alas! The mighty Bitcoin finds itself under considerable duress, as days of steady decline fuel ever-growing fears that a much deeper market correction is imminent.
The sovereign of the cryptocurrency realm has relinquished much of its ground, with bearish forces growing in strength and macroeconomic conditions offering little support, further darkening the mood of the masses.
Bitcoin Faces Its Fate
Spot Bitcoin ETFs, those fickle and ever-changing creatures, play an ever-significant role in this ongoing selloff, with substantial outflows marking the week’s progress. Since Monday, these funds have witnessed withdrawals amounting to a rather alarming $226 million. A most unfortunate reversal from the steady inflows that had been observed earlier in the month. How swiftly fortunes can change, dear readers! It seems that even the institutional investors are starting to show signs of hesitation and doubt.
On Wednesday, however, a surprise appearance of inflows to the tune of $241 million briefly halted the tide of exits. But, as is often the case with Bitcoin, such fickle movements only highlight the uncertainty that looms large over the market. One can hardly rely on these ETFs for any consistent support, for they appear to be as changeable as the weather itself!
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Beyond the whims of the ETFs, further signals point toward an ominous descent for Bitcoin. The Supply Quantiles Cost Basis Model, a rather foreboding indicator, shows BTC slipping below the 0.95 quantile band, an area most closely scrutinized by the keen-eyed analysts. This particular band often marks the point where long-term holders of Bitcoin begin to take their profits, thereby creating a rather daunting risk zone.
If this decline proves to be sustained and consistent, one might expect the confirmation of bearish conditions. Historically, such moves have often preceded sharp and unforgiving drawdowns, which could lead us to price targets between $105,000 and $90,000. Oh, how the mighty can fall, it seems, as Bitcoin’s prospects appear heavily weighted toward weakness under the current circumstances.
The Sliding of Bitcoin’s Price
At the time of writing, Bitcoin trades at $111,542, reflecting a 4.7% decline for the week-a rather worrying trend for its loyal followers. The crypto king finds itself trapped beneath the $112,500 resistance, unable to summon sufficient momentum to transform this level into reliable support.
If the bearish pressure persists, one might expect Bitcoin to fall through the $110,000 support, opening up a most unfortunate path toward $108,000. And should the selling continue unabated, the king’s throne could very well tumble to a lowly $105,000 in the very near future. A most tragic turn of events, indeed.
Nevertheless, should the faithful investors step in to stabilize the price action, Bitcoin may yet reclaim the $112,500 level as its rightful support. A successful bounce from this level would challenge the prevailing bearish narrative, providing a glimmer of hope and perhaps even setting the stage for a recovery. Could the mighty rise again? Time shall tell.
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2025-09-25 17:47