80% of crucial on-chain metrics indicate bearish conditions for Bitcoin. The cryptocurrency recently fell nearly 14%, trading at about 91,600 USD. Analysts note a recovery requires closing above 105,000 USD and supportive Federal Reserve actions.
The selling pressure is attributed to risk aversion in traditional markets, particularly due to profit-taking in AI stocks. Analysts express concerns that the current data points towards the beginning of a bear market for Bitcoin, marked by technical indicators like the death cross.
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