Bitcoin Price Slips: Bull Run Coming To An End?

The recent dip in the broader crypto market was led by the gloomy momentum recorded in Bitcoin price.

Besides, the altcoins also followed suit, erasing around 1% from the global crypto market cap to $3.78 trillion, indicating a cautious stance of traders.

Notably, the dip in the recent BTC USD value could be attributed to a flurry of factors, including geopolitical tensions and waning institutional interest.

For context, Donald Trump has fueled the market concern with his threat to impose hefty tariffs on China.

In retaliation, China also said that the country would stand firm against the decision, which has spooked the investors.

As a result, the crypto market bleeds heavily, falling from the brief $4.15 trillion market cap of last week.

Simultaneously, Bitcoin price also slipped last week, falling to as low as $104k amid a broader market selloff.

Now, some analysts have further fueled concerns, saying that the BTC USD bull cycle is coming to an end.

So, let’s take a quick tour of the recent performance of the BTC price and the potential reasons behind the selloff.

Besides, we would also explore what lies ahead for the flagship crypto in the coming days.

Bitcoin Price In Red Amid Volatile Scenario

BTC price today was down more than 0.5% and traded at $111,479, and its one-day volume fell 10% to $73 billion.

Notably, the crypto has touched a 24-hour high and low of $112,294 and $109,721, respectively.

The massive selloff has resulted in a weekly crash of over 10% in Bitcoin price. Besides, its monthly loss was recorded at 4%.

As said earlier, this dip could be attributed to the geopolitical tensions and waning institutional interest.

According to CoinGlass data, the BTC USD Futures Open Interest fell 0.4% over the last 24 hours to $653.94k BTC.

However, on the CME Exchange, the Open Interest (OI) was up around 2.35%, while Binance saw the largest decline of 2.42%.

So, here we take a look at the potential reason behind the dip in Bitcoin price before exploring what may lie ahead for the asset.

Here’s Why BTC USD Price is Falling

A flurry of factors may have weighed on the sentiment, triggering a widespread selloff in the market.

However, it appears that the soaring geopolitical tensions might have caused the most damage in the market, acting as a negative catalyst for the decline.

The trade war tensions have so far weighed on the investors’ sentiment, causing volatility across the financial market, let alone the crypto sector.

Having said that, the recent tensions between the US and China might have fueled the concerns. This has also forced the retail traders as well as institutions to stay on the sidelines.

For context, Farside Investors’ data showed that the US Spot Bitcoin ETF has once again recorded an outflow of $104.1 million on Wednesday, October 15.

The investment instrument recorded an inflow of $102.7 million the previous day, on October 14, which has allayed some concerns of traders.

However, the continuing outflow since October 10 has weighed on the sentiment, indicating that the institutions are shifting focus from Bitcoin.

US Spot Bitcoin ETF Fund Flow | Source: Farside Investors

Is Bitcoin Price Bull Cycle Coming to an End?

Amid the gloomy momentum, analyst Captain Faibik has further fueled concern with his latest Bitcoin price prediction.

In a recent X post, the expert said, “I’m not bullish on Bitcoin anymore. That’s it.”

Besides, he said that “Bitcoin bull run is nearing its end.” This comment has sparked discussions among traders, with his prediction of a massive correction ahead further fueling market concerns.

Bitcoin Price Analysis | Source: Captain Faibik, X

However, expert Michael van de Poppe has shared a different outlook, evaluating the monthly chart of BTC USD. Poppe noted that the monthly chart looks “pretty much fine.”

BTC USD Price Action | Source: Michael van de Poppe, X

Besides, he has advised traders to buy the dip, predicting that an all-time high is incoming.

According to Poppe, BTC USD finds major support at $107k, and as long as the support holds, the future trajectory looks bullish.

In addition, his chart reveals that Bitcoin price faces major resistance at $119,504. Once this support is broken, BTC could target a new all-time high.

Bitcoin Price Prediction | Source: Michael van de Poppe, X

However, investors should tread cautiously amid the ongoing volatile scenario in the market.

With the geopolitical tensions weighing on traders’ sentiment, the market may face a major pullback in the coming days.

The post Bitcoin Price Slips: Bull Run Coming To An End? appeared first on The Coin Republic.

Source: CryptoSlate