Recent days in the crypto world have been turbulent due to significant volatility among leading digital assets, especially Bitcoin.
Bitcoin Price Instability
Over the weekend, Bitcoin's price briefly stabilized at around $86,000 before plummeting again at the start of the business week. The cryptocurrency dropped to $80,000, causing over $600 million in liquidations over a 24-hour period. Later, bulls temporarily pushed the price to almost $84,000, but it fell again to $79,500. As of this writing, Bitcoin trades at around $79,700, representing a 5% decline for the day. Its market capitalization has dropped below $1.6 trillion.
Optimistic and Pessimistic Forecasts
While some market participants hope for another temporary pullback followed by a renewed rally, others are less optimistic. BitMEX co-founder Arthur Hayes recently predicted that Bitcoin could retest the $78,000 level. 'If it fails, $75,000 is next in the crosshairs,' he added.
Exchange Movements and Selling Pressure
Some on-chain metrics support Hayes' thesis. According to CryptoQuant, Bitcoin's exchange netflow was positive in the last two days, indicating a shift from self-custody methods toward centralized exchanges. This, in turn, increases the immediate selling pressure.
The current situation in the cryptocurrency industry demonstrates significant price instability for Bitcoin. It's important to monitor market movements and expert forecasts.
