Bitcoin Drops To $93,246.26 Amid ETF Outflows And Market Uncertainty
Date
12/23/2024 7:00:35 PM
(MENAFN- The Rio Times) Bitcoin traded at $93,246.26 on December 23, 2024, reflecting a 1.94% drop from the previous day. This decline amounted to $1,848.44, down from $95,092.57.
Today's trading volume reached approximately $54.92 billion, showing a decrease from recent highs during the bullish market phase. Bitcoin's market capitalization now stands at around $1.84 trillion, down from its year-to-date peak of $108,268.45.
ETF movements significantly impacted market sentiment. The BlackRock Bitcoin ETF (IBIT) experienced its largest outflow since launch, with $72.7 million exiting the fund on December 20.
However, last week saw a net inflow of $463 million across U.S. spot Bitcoin ETFs, indicating fluctuating investor confidence. The Federal Reserve 's recent interest rate cut influenced market reactions.
Chairman Jerome Powell's comments suggested limited future cuts, creating uncertainty among investors. Traders responded to this news with increased selling pressure.
Technical analysis revealed critical support levels for Bitcoin . Analysts noted that the price fell below key support, with resistance around $97,350.
Current trading ranges remain between $92,000 and $98,000, and traders monitor potential support at approximately $90,170. Market participants expressed concern over liquidity and macroeconomic factors.
One trader stated that bulls struggle to maintain momentum above key levels. Another commentator highlighted the importance of defending critical support zones to avoid deeper corrections.
As the holiday season approaches, Bitcoin faces a complex landscape marked by significant ETF activity and macroeconomic influences. Today's price action reflects a pullback from recent highs while underlying institutional interest remains strong.
Substantial inflows into ETFs like BlackRock's IBIT indicate continued market engagement. Traders will watch key support levels closely as they assess potential recovery scenarios in the coming days.
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