Bitcoin Stabilizes, But Headwinds Lurk Underneath — Market Talk
Bitcoin is stabilizing above $86,000 but a deeper fragility lurks beneath, says Samer Hasn at XS.com. In the market analyst's view, there are no convincing signs that the rout is over. Structural factors continue to weigh, with so-called whales--investors with big holdings--continuing to sell. Such offloading weakens any attempt at finding a price floor and reinforces the probability of deeper retracement, Hasn says in a note. "Spot-market activity also reflects weakening conviction." External shocks add pressure too, including from a sudden shift in BOJ rate-hike bets and concerns about Strategy, a major bitcoin-accumulation company. If Strategy starts liquidating its BTC reserves, that could risk sparking "crypto winter 2.0," especially if combined with other factors like leverage position unwinding, Hasn says. ([email protected])