Bitcoin, the market’s flagship cryptocurrency, fell 0.9% to $95,018 per coin in the 24 hours to 2 p.m. New York time, after briefly slipping toward the $92,000 level earlier.
From an all-time high near $126,000, the year-to-date rally has been erased in just over a month.
The pullback comes as macro uncertainties intensify and risk appetite wanes.
U.S. government funding uncertainties and a delayed batch of key indicators have cast a shadow over the macro outlook, while Federal Reserve officials have signaled continued tightening.
Traders see little consensus on near-term rate moves, with CME’s FedWatch showing about a 54.2% chance of holding rates next month and a 45.8% chance of a cut.
Tech stocks’ weakness has also fed a broader risk-off mood.
Bitcoin’s price action comes as crypto-market sentiment sours; the Crypto Fear & Greed Index stood at 17, signaling extreme fear.
Bitcoin ETF inflows have reversed, with roughly $2.8 billion of net outflows over the past month, countering earlier large inflows.
Long-term holders reportedly dumped about 815,000 BTC in the past month, the largest move since January 2024.
Analysts warned that if Bitcoin cannot reclaim the $110,000 range, it could fall below $60,000.
Some bulls still argue for upside, with JPMorgan Chase seeing a potential rebound to around $170,000 within a year.
Ark Invest’s Cathie Wood argues that as payments shift toward stablecoins, Bitcoin is increasingly being viewed as a store of value—what some call a digital store of value akin to “digital gold.”
NH Investment & Securities analyst Hong Seung-wook says regulatory inclusion could temper volatility and that the debasement trade narrative remains a core theme.
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