Bitcoin’s price is falling today below a key psychological level and is losing the momentum it built at the start of the year. Ethereum is still trying to hold above USD 3,000. Despite positive news, strong ETF buying at the beginning of the year (over USD 1 billion during the first two trading days of the year), and finally MSCI’s positive decision to keep crypto-related companies in its indices, we are seeing declines.
- Yesterday, U.S. spot ETFs recorded net outflows of USD 483 million, while the Coinbase Premium Index dropped into negative territory at -0.07. This suggests weaker demand from U.S. investors, despite the theoretically positive headlines.
- In the background, we see two key risks. First, rising yields on 10-year Japanese government bonds, which have reached 3.5%, are complicating global markets’ access to the “liquidity pool” and cheap money. In many ways, that liquidity had been used to gain exposure to Bitcoin and other cryptocurrencies.
- Second, Bitcoin pulled back after reaching USD 95,000, a key “gamma” threshold for dealers. A move above that level would have pushed gamma into negative territory, forcing investors to buy BTC as the price rose from that point. Under current conditions, gamma dynamics instead allow selling pressure to build.
Bitcoin (D1 timeframe)
A further decline could trigger a bearish impulse toward USD 80,000. The key resistance zone remains the recent local highs around USD 93,000–95,000, additionally reinforced by the EMA50 (orange line).

Source: xStation5
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