Following the report released by the Institute for Supply Management (ISM), sentiment in the cryptocurrency market has turned bearish. Bitcoin has experienced a price decline of over 10%, reaching a critical level.
$1.02 Billion Worth of BTC Outflow from Exchanges
For three days the market has witnessed a continuous price decline, yet long-term holders continue to accumulate. According to the on-chain analytics firm Coinglass, during this period exchanges have seen an outflow of over $1.02 billion worth of BTC, indicating a move to private wallets, a positive sign for the market.
Is This the Right Time to Buy Bitcoin?
Analysts report that whales and long-term holders are consistently buying BTC during this price decline, suggesting a potential buying opportunity ahead of the inauguration of the new US president.
BTC's Path to $100K or a Drop to $74K?
Currently, BTC has reached its critical level near $92,250, a level from which it typically rebounds. Historically, this has happened four times, each resulting in a 10% rally. If BTC holds above this level, it could again reach $100,000. However, dropping below $91,000 could lead to a decline to $74,000.
Currently, BTC is trading near $92,450, having declined over 1.40% in the past 24 hours. With investor caution, trading volume has dropped by 9%.
