Bitcoin Drops Below $88,000 as Nasdaq Futures Decline and Major Altcoins Retrace
Bitcoin reversed its early gains and traded below $88,000 after reaching a peak above $90,000. Major altcoins also experienced retracements, with XRP at $1.8785, Ethereum (ETH) at $2,970.46, Solana (SOL) at $125.79, and Dogecoin (DOGE) at $0.1254.
Nasdaq 100 futures declined by about 0.5%, indicating weakness in technology indices and reinforcing Bitcoin's downward movement. Wintermute highlighted a strong correlation between Bitcoin and the Nasdaq, particularly during downtrends.
Open interest in globally listed Bitcoin futures decreased to approximately 533,000 BTC from about 540,000 BTC earlier in the day as the price pulled back. Additionally, the CoinDesk 20 Index (CD20) retreated to roughly 2,726 from around 2,789 observed earlier in Asia.
Laser Digital noted that during U.S. trading hours, BTC and ETH fell by more than 3%, attributing some of the pressure to year-end tax-loss harvesting and broad asset underperformance.
Ledn's Chief Investment Officer John Glover maintained a bullish longer-term perspective but anticipates sideways to slightly lower price action in the coming weeks. He suggested considering adding long positions in the range of $71,000 to $84,000.
