Summary

Bitcoin’s price dropped to just below $98,000, marking a nearly 10% decline from its all-time high, stirring doubts about the continuation of its recent bull run. Concerns were partially fueled by the emergence of China’s DeepSeek AI model, which is seen as a formidable competitor in the tech landscape.

Key Points

• Nasdaq futures: Fell by about 4%, prompted by anxiety surrounding technological rivalries.
• Bitcoin’s short-term holder cost basis: Currently around $91,000, reflecting a potential 15% correction from its peak.
• Market Context: Since Donald Trump’s election victory, Bitcoin surged from $66,000 to a maximum of $109,000, experiencing two corrections of around 15% during this period.
• A critical support level at $91,000 suggests that a further drop below may jeopardize the ongoing bull market. Bearish tendencies are escalating with negative funding rates reported.

In light of this performance, significant figures in the cryptocurrency space anticipate potential corrections, with many speculating a threshold near $70,000-$75,000 before a potential spike to $250,000.