BTC Tests Its Floor Amid Legacy Sellers and Macro Rotation
- Bitcoin (BTC) is trading at approximately $106,500, down nearly 13% over the past month.
- Ethereum (ETH) is priced around $3,620, reflecting a decline of almost 20% in the same timeframe.
- Over the past month, around 405,000 BTC from long-held supply has moved to exchanges like Kraken.
- Both Enflux and QCP Capital highlight a rotation of liquidity from crypto to traditional equity markets.
- Gold prices have stabilized above $4,000 an ounce amid changes in China’s gold tax policy.
The current market dynamics show Bitcoin’s resilience as it remains above $100K despite significant selling pressure from legacy holders. This situation indicates a consolidation phase influenced by profit-taking and shifting investment focus back to equities.
As BTC hovers around $106,500 and ETH near $3,620, market participants are closely monitoring these trends for signs of recovery or further decline. (Source)
