Bitcoin After falling below the $80,000 level for the first time in three months, the latest personal consumption expenditure price index came in positive on Friday after it reached expectations.
Bitcoin price rose 1% to $84,148.34, according to Coin Metrics. Previously, it fell by about $78,226.23.
Still, Blue Chip Coin has dropped by more than 11% in a week, at its worst weekly pace since the FTX collapse in 2022. We are also heading towards the worst month since June 2022.
Bitcoin is heading for its worst week and month since 2022
This week’s wider risk-off move has knocked Bitcoin to its lowest level in three months, reaching January’s day of President Donald Trump’s inauguration. Given the weakness of the global stock market, investors have shunned assets that are perceived as dangerous amid uncertainty surrounding the new president’s tariff policies and resolutions against the Russian Ukraine and the Israeli-Gaza War.
The same thing will happen in the upcoming new moon. Bitcoin is expected to be at the mercy of investor macro concerns despite its strong regulatory tailwinds.
According to Coinglass, this week’s decline in Bitcoin has caused a long wave of liquidation, roughly $397 million in the last 24 hours alone. These traders force them to sell their assets at market prices to settle their liabilities and lower the price of their assets.
Additionally, exchange funds tracking Bitcoin are heading towards a record weekly outflow of $2.7 billion as of the end of the market on Thursday.
However, investors have discovered a silver lining in Bitcoin’s relative strength index (RSI). This is a momentum indicator used to measure conditions that fell to 25 on Friday or overselling conditions, with investors hoping that Bitcoin can find its bottom in March. Values ​​below 30 usually indicate that the asset is on sale.
Investor sentiment this week was also exacerbated by news that BYBIT, the leading cryptocurrency exchange, suffered a $1.5 billion hack on what is estimated to be the biggest crypto robber in history.
Still, Crypto Bulls remains positive about the Bitcoin outlook as they await key regulations development from the Trump administration. Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, said he expects Bitcoin to surpass the $200,000 threshold this year despite the current pullback.
Other places, Coinbase and Robin Hood The stocks rose 3.5% and 2.7% respectively. MicroStrategy We won 6.5%.
Token is tied to Solana, who became Meme Coins’ go-to host, including the Trump Meme Coin formula. However, coins for the month are still down 36%.
—CNBC’s Nick Wells and Ryan Brown contributed to this report
Fix: This article has been updated to reflect the daily decline rate of Bitcoin price.
