Bitcoin Slumps Below $95K Amid Weak Demand and Macro Pressures

Bitcoin's decline below $95,000 marks a significant turning point for the cryptocurrency market. The sharp drop is attributed to weak demand, macro pressures, and absent buyers. On-chain data indicates that Bitcoin has entered a bear market regime.

The fall in price is also linked to outflows from Bitcoin exchange-traded funds (ETFs), which saw the second-highest daily outflows ever on Thursday. This suggests that investors are pulling money out quickly, further weakening the cryptocurrency's value.

Analysts warn that if the Federal Reserve stays on hold, the price of Bitcoin could drop further, potentially reaching $50,000. A rate cut from the Fed is seen as a potential catalyst for a rally in Bitcoin, but its timing remains uncertain.