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The cryptocurrency market lost 1.4% in the last 24 hours, falling to $3.29 trillion. Over the past 10 days, the market has mostly remained in the $3.3-$3.4 trillion range, falling back to late November levels where positions were also shaken. Here is the classic 61.8% retracement level from the early November rally to the mid-December high.
Bitcoin price returned to $93.5k, falling below the 50-day moving average after Christmas. Like the rest of the crypto market, Bitcoin has returned to the 61.8% level. Bitcoin is poised for a technical pullback, and a failure below $93,000 would signal a short-term trend breakout, which could lead to a deeper decline that could erase any gains made in November-December .
Among the major coins, Ethereum managed to swim against the tide, adding 0.6% for the day. The coin attracted buyers during a decline towards $3,300 in recent days, forming an uptrend.
News context
Net outflows from the BTC ETF for the week totaled $387.5 million, the highest since early September. The positive weekly trend was interrupted after three weeks of inflow. Cumulative inflows since the Bitcoin ETFs launched in January have totaled $35.66 billion.
Net inflows into ETH ETFs reached $349.2 million for the week. The positive weekly trend continued for the fifth consecutive week. Cumulative net inflows from ETF launches in July reached $2.68 billion.
Strive Asset Management has filed to launch a bond ETF for Bitcoin strategy firms such as MicroStrategy. The company was founded by Vivek Ramaswamy, who would work with Elon Musk at DOGE during the Trump administration.
Ki Young Ju, CEO of CryptoQuant, said that the bearish trend in the Bitcoin market has not yet formed and the price is far from reaching its peak. According to him, BTC will soon increase by more than 30%.
Bitcoin selling pressure and increased volatility could intensify in the coming days, believes a CryptoQuant contributor nicknamed IT Tech. He noted an increase in bitcoin reserves from centralized exchanges – by around 20,000 BTC in recent days.
