Following a short-lived rally last week, Bitcoin fell to $102K, down 2% in the past 24 hours. It fell following a peak of around $106,000 fueled by hopes of a U.S.-China trade tariff truce. But that was short-lived optimism.
Institutional investors did not hold back. Nearly $320 million poured into Bitcoin ETFs yesterday, with BlackRock’s $232.9 million injection leading the charge. Meanwhile, BTC is experiencing a breather just above an important support level of $101,600.
Altcoins Take a Bigger Hit as Bitcoin Reaches $102K
Ethereum fell to $2,530, down by 3.2%. The leaders XRP, Solana, and so on fell between 5% to 8%. Altcoins bleed harder than Bitcoin, causing the overall crypto market cap to fall by $100 billion to $3.4 trillion. While down, over 98% of addresses for Bitcoin are still in profit, which suggests long-term investors are still okay.
BlackRock’s frantic accumulation was intended to reduce the size of the market, but overall sentiment remains apprehensive. Profit sellers and those waiting for the next macro fix of market pumps are the traders. Release of U.S. Producer Price Index (PPI) this week can trigger a reversal. Otherwise, most investors remain in hold-down.
Future Outlook
Analysts are reasonably upbeat about Bitcoin’s medium-term prospects. However, the union of solid fundamentals and uncertain price action at the current moment in time is challenging to ignore. Some call it a corrective bounce. Others call it signs of running out of steam. Either one, the market is going sideways.
Without improved data or more potent catalysts, traders are speculating instead of hedging. The fall of Bitcoin prices below $102K is a reminder: institutional flows will not be enough to guarantee higher action. Altcoins are flashing risk-off signals, and volatility can increase if large economic reports are disappointing.
