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Bitcoin Shows Signs of Fatigue
Bitcoin has shown signs of fatigue after its significant rise from $60k to nearly $88k. As of Friday morning, Bitcoin is settling around $80,800, marking its biggest weekly downmove since June. Despite the correction, Bitcoin remains resilient on longer timeframes, with the S&P 500 and the Nasdaq reaching new all-time highs. Analysts like Jeff Dorman and Felix from Forward Guidance are optimistic, attributing Bitcoin's resilience to a rotation of investors between different themes based on data. Glassnode highlighted $90,000 as a notable psychological breakout level for bulls. Analysts also noted that new token supply among the top 200 has been trending down since 2021, suggesting a disinflationary regime. The article also touches on macroeconomic factors, including the ongoing search for a bond market bottom and concerns about private credit and debt maturity issues.