PANews reported on November 26 that Singapore-based crypto investment firm QCP Capital said today that the price of Bitcoin has fallen below $93,000, with more than $430 million in long liquidations since its last comment. This pullback coincided with the end of five consecutive days of net inflows for spot ETFs, with a net outflow of $438 million on Monday, while MicroStrategy's stock price fell 4.4%.
Last week, market sentiment turned cautious after MicroStrategy purchased a record $5.4 billion worth of Bitcoin. With the US holiday approaching and the lack of obvious positive news, Bitcoin's momentum to hit the $100,000 mark is hindered. In addition, ETH implied volatility shows a bearish option bias, reflecting the market's pessimism about BTC and ETH. Market concerns about downside risks may be exacerbated by tonight's Fed meeting minutes and tomorrow's PCE data.
Nevertheless, QCP Capital pointed out that the magnitude of the adjustment was not abnormal, with Bitcoin only falling back to its level at the beginning of last week as the market's over-leveraged rise after the election needed to be put on hold.
