📉 CryptoQuant: Bitcoin may drop to $72,000 if it does not hold the $100,000 level.

The reason is weak demand after the largest liquidation on October 10 at $20b.

Since then:
⊹ Spot purchases of BTC are decreasing.
⊹ Outflows continue from crypto-ETF.
⊹ There is a negative premium on Coinbase (BTC is traded cheaper on Coinbase than on other exchanges).
⊹ Bull Score index from CryptoQuant - 20 out of 100, bright bear zone.

Context:
⊹ Bitcoin fell below $100k for the first time since June. ⊹ Other crypto assets are also in the red: «GMCI 30» (TOP-30 largest cryptocurrencies) -9% per day.
⊹ Investors are going to risk-off - they fear new tariffs, a pause of the Fed with the rate and a weak stock market.

At the same time, CryptoQuant and Hashdex believe that the $100,000 level is more psychological than fundamental.

Strong factors remain:
⊹ Record inflows to Bitcoin ETF since the beginning of the year.
⊹ Corporations continue to increase Bitcoin on balance sheets.
⊹ Completion of the Fed’s #QT can return liquidity to the markets.

@Сryptoz ₿