Bitcoin is facing challenges amid market volatility. Key support levels may dictate future price movements.
Current Situation Analysis
Bitcoin dropped 6% in the past day, hitting below $96,000 due to macroeconomic concerns impacting the global crypto market. Analyst Skew suggests a potential drop to $88,000 if key support fails.
Factors Influencing Price
Analysts note increased selling pressure on Binance, with institutional demand decreasing to $52.9 million. However, blockchain data from IntoTheBlock reveals a rise in funds being moved onto exchanges.
Forecast and Prospects
At the same time, analysis from CryptoQuant highlights strong interest in Bitcoin. The company's CEO, Ki Young Ju, states that apparent demand for Bitcoin remains high, indicating positive investor expectations.
Despite several bearish forecasts, ongoing data points to sustained buying pressure, which may maintain positive outlooks for Bitcoin in the future.
