GSR co-founder Rich Rosenblum says Bitcoin (BTC) is nearing a long-term trend channel’s lower boundary after a break below its 200-day moving average triggered leveraged long liquidations and drew additional traders into short positions.
Bitcoin has fallen about 25% since Oct. 21. U.S. spot Bitcoin ETFs recorded nearly $3 billion in net outflows from Oct. 30 through Nov. 13.
Higher interest-rate expectations, risk aversion tied to the artificial intelligence sector and a recent hacking incident at Binance have added pressure to the market. Rosenblum said Bitcoin has found support multiple times over the past year near its current level and somewhat below it.
Richard Galvin, executive chairman of crypto investment firm DACM, said a possible initial public offering by AI company Anthropic may draw funds away from crypto. He compared current price action with the period when SpaceX priced its IPO earlier this year, saying crypto remains a short-term funding source, particularly for retail investors.
Enna Lee
Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].
