Bitcoin Slumps Amidst Rate Hikes and ETF Outflows

Bitcoin is experiencing a downturn, with prices falling below 100K after the Federal Reserve’s decision to hold off on rate cuts fueled market uncertainty. Concerns over liquidity and ETF outflows have also contributed to the decline. Analysts closely watch the crucial support zone near 92-94K as traders navigate this correction. A drop below this level could lead to a continued downturn, potentially impacting long-term positions. On the other hand, Bitcoin’s on-chain data shows strong accumulation with Realized Cap remaining high and the cost basis of 6-12 month holders providing support near 94K.