05:11
10x Research: Bitcoin has recorded its largest weekly fall in months, with weak fundamental demand.
According to ChainCatcher news and a report from 10x Research, the current Bitcoin price is below the 7-day and 30-day moving averages, indicating a bearish signal; the weekly decline is -6.7%, and it has fallen below the $100,000 mark due to large investors (whales) starting to sell, resulting in the largest weekly decline in months; the outflow of funds from the US spot Bitcoin ETF has surged, indicating weak institutional demand.
In addition, the correlation between Bitcoin and the Nasdaq 100 index continues to show a negative skew, which means that during technology stock sell-offs, the fall in Bitcoin is greater than the rise in Bitcoin when technology stocks go up, exacerbating investors' cautious sentiment.
Despite the presence of macro catalysts such as central bank interest rate cuts and ETF fund inflows, these factors have failed to create upward momentum due to weak fundamental demand.
BTC-0.71%
- 1
- 1

