📉 $BTC : Correction or Reversal?
Over 24 hours, #Bitcoin is down 0.93% (~$90.4K), underperforming the broader market.
Reasons for the decline:
1. ETF Outflows: -$60.5M on Dec 8. Grayscale and Fidelity are taking profits. BlackRock (IBIT) is still holding on (+$ 28.7M).
2. Technical Resistance: BTC is failing to break the key 30-day SMA ($92.4K). The $90.4K level is the current point of control.
3. Macro Risk: Heightened rhetoric from Putin regarding Ukraine has hit all risk assets (S&P 500 is also down).
What's in focus?
🔴 Bearish Scenario: A break below $90K opens a path down to $86.4K (November low).
🟢 Bullish Scenario: Holding above $90K and a retest of $92.4K could restore positive momentum.
This is a correction after a rally. Not panic, but profit-taking amid geopolitics. Watching today's ETF flows closely.
#BTCVSGOLD $BTC
