Significant volatility is has been experienced by Bitcoin recently, briefly dropping below the mark of $90,000 for the first time in 24 days.
On January 13, 2025, Bitcoin fell to a low of approximately $89,259 before recovering sharply by over $8,000 within 24 hours, reaching around $96,764.69 as of January 14, 2025.
Coinmarketcap
This recovery was fueled by a combination of buy orders triggered by the dip and short-covering activities in the industry.
Bitcoin's fluctuations were reflected in the larger cryptocurrency market, which saw a drop in market capitalization to about $3.29 trillion during this period.
Factors like strong U.S. payroll data etc have contributed to this volatility and put pressure on riskier assets like Bitcoin. Furthermore, significant withdrawals from Bitcoin ETFs, amounting to around $582 million, have added to the bearish sentiment regarding the price of Bitcoin.
In spite of these challenges, some analysts maintain a bullish outlook for the future of Bitcoin. Forecasts indicate that Bitcoin might be able to regain the psychological barrier of $100,000 in the near future if it can stabilize above crucial support levels.
Not financial advice.
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