Analyst Warning: Bitcoin Price Decline Continues

In recent days, the fluctuations in Bitcoin prices continue to attract the attention of investors. Analyst Nic Puckrin emphasized that increasing macro uncertainties and the decreasing likelihood of interest rate cuts have pulled Bitcoin's price down. On Thursday, the cryptocurrency market experienced another sharp wave, as Bitcoin fell below the 100 thousand dollar mark.

According to Puckrin's statements, Bitcoin traded around 98,841 dollars during the day. The analyst's views that government shutdowns and interruptions in data flow are increasing pressure on investors overlap with the decline in the markets. At the same time, it was reported that the production cost, which is considered a historical support level for Bitcoin, has risen to approximately 94 thousand dollars. The aggressively increasing network difficulty has been a significant factor in the upward movement of this cost.

Another situation that investors should pay particular attention to is that liquidations have exceeded 463 million dollars. Of these liquidations, 342 million dollars came from long positions, while there was an outflow of 278 million dollars from spot Bitcoin ETFs since the beginning of the week. Other major cryptocurrencies like Ethereum and Solana also joined the market decline, dropping approximately 6%. Additionally, cryptocurrency-related stocks were not spared from this drop; Nasdaq fell by 2.45%, while the S&P 500 dropped by 1.56%.

Puckrin commented in the morning, stating that the government shutdown is rapidly reducing expectations for interest rate cuts by hindering access to critical data such as the Consumer Price Index (CPI) report for October. He noted that this gap in federal data flow has sharply decreased the likelihood of interest rate cuts in December. The analyst emphasized that the markets are exhibiting more cautious behavior ahead of the Federal Open Market Committee (FOMC) meeting.

In this context, the fluctuations in Bitcoin prices and the macroeconomic developments affecting investors' decision-making processes need to be monitored closely. Investors should primarily keep an eye on the 94 thousand dollar support level and respond promptly to changes in market conditions.