Bitcoin Price Analysis: BTC Slips Below $89,000, ETFs Lose $1.72B In Outflow Streak
Bitcoin (BTC) slipped below $89,000 on Sunday, maintaining a slightly bearish bias. The flagship cryptocurrency’s steady decline saw it lose $89,000 early on Sunday, falling to a low of $88,765 before moving to its current level of $88,842. BTC is down almost 1% over the past 24 hours.
Meanwhile, investors pulled $1.72 billion from spot Bitcoin ETFs during a five-day outflow streak as market sentiment weakened. Market sentiment fell into the “Extreme Fear” range on Wednesday.
Las Vegas Businesses Embrace Bitcoin (BTC) Payments
Several Las Vegas businesses are ditching credit card payments and processing fees for Bitcoin (BTC) as mainstream adoption continues rising. The shift comes after Square’s decision to enable around 4 million US merchants to accept Bitcoin payments with zero processing fees through 2026. This allows establishments like Cane Juice Bar and Cafe to accept cash, card, ot Bitcoin from customers. Manager Tyler Peterson stated,
Bitcoin is getting very popular with mainstream people, not just the people that are actually into things like cryptocurrencies.
Peterson added that customers who normally wouldn’t have heard of his business came in specifically to use Bitcoin, with regular calls and enquiries from new customers.
</span><i><span style="font-weight: 400;">So, actually, some customers we have generated from accepting Bitcoin,</span></i><span style="font-weight: 400;">Peterson said.</span><i><span style="font-weight: 400;">That Bitcoin map is helping us out a lot.
$100 Trillion Insurance Wave Could Send Crypto Prices Soaring
A $100 trillion insurance wave could send crypto prices soaring over the next two decades as younger and more crypto-savvy investors inherit trillions in assets from older investors who have minimal crypto exposure. Nansen founder Alex Svanevik believes the wealth transfer will completely reshape crypto market dynamics, with younger investors allocating a significant chunk of their portfolio to crypto. Svanevik stated,
</span><i><span style="font-weight: 400;">It’s like a tidal wave, you know, a tsunami that’s coming. There are all these kinds of forces that I think just drive crypto upwards.
Netherlands Plans Tax On Unrealized Capital Gains
The Netherlands is risking capital flight with plans to introduce a tax on unrealized capital gains on a host of investments, including stocks, bonds, and cryptocurrencies. Lawmakers in the Dutch parliament appear set to back the proposed changes to the Box 3 asset tax regime. The changes would require investors to pay an annual tax on both realized and unrealized gains, even if the assets in question have not been sold. The changes follow a court ruling that struck down the existing system, which relied on assumed rather than actual returns. Crypto analyst Michael van de Poppe criticized the proposal, stating,
The Netherlands has gone insane. The government wants to tax unrealized gains on Bitcoin from 2028 onwards. I simply don’t understand why people are blindly accepting this and not going all-in to demonstrate against this particular law. The amount of tax being paid each year is going through the roof, and now the government wants more.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is struggling to build momentum, with price action remaining muted over the weekend. The flagship cryptocurrency slipped below $89,000 on Sunday and is down almost 1% at $88,621.
According to analysts, Bitcoin is trading in a very tight range, suggesting consolidation rather than price weakness. However, Bloomberg Intelligence strategist Mike McGlone has reversed his long-term outlook on Bitcoin and the broader crypto market, arguing that investors must “sell the rallies” across risk assets. According to McGlone, the factors and conditions that made Bitcoin stand out have fundamentally changed. The analyst believes the one scarce and disruptive asset has become part of a highly crowded and speculative ecosystem, becoming increasingly correlated with equities and becoming intertwined with the same macro forces driving traditional markets.
McGlone highlighted excessive speculation, ETF approvals, and historically low volatility as warning signs of this correlation, arguing that Bitcoin has gone from being a hedge against the traditional system to being a part of it.
Bitcoin (BTC)B ended the previous weekend in positive territory at $90,872. The price faced volatility on Monday, reaching an intraday high of $92,406 before settling at $91,188. Bullish sentiment intensified on Tuesday as BTC rallied, rising nearly 4% to $95,384. Buyers retained control on Wednesday as the flagship cryptocurrency crossed $97,000, reaching an intraday high of $97,963 before settling at $96,955. Selling pressure returned on Thursday as BTC fell 1.41% and registered a marginal decline on Friday, settling at $95,504.
Source: TradingView
Price action remained bearish over the weekend, with BTC dropping 0.41% on Saturday and 1.55% on Sunday to $93,633. Selling pressure persisted on Monday as the flagship cryptocurrency fell 1.15% to $92,559. Selling pressure intensified on Tuesday as BTC slipped below $90,000 and settled at $88,310. Despite the overwhelming selling pressure, the price recovered on Wednesday, rising 1.19% to $89,363. BTC registered a marginal increase on Thursday and faced volatility on Friday before settling at $89,474. The price returned to bearish territory on Saturday, dropping 0.44% to $89,092. BTC is down 0.50% during the ongoing session, trading around $88,635.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.