Bitcoin (BTC) Fell Below $98,000, with Investors Questioning the Continuation of the Bull Run

The fall was attributed to the concerns about China's DeepSeek Artificial Intelligence hyper-efficient model competing with the U.S. industry

Bitcoin (BTC) price dropped to lows of $97,860 on the Bitstamp exchange on Dec. 24, as investors mulled the continuation of the bull run andịp忐をめぐって投資家が思案する中、クリスマスイブの BTC 価格は下落し、Bitstamp 交易所では安値の 97,860 ドルを記録した。new all-time highs.

The sell-off came amid concerns about China's DeepSeek Artificial Intelligence hyper-efficient model competing with the U.S. industry at a fraction of the cost, according to a report by Axios.

Bitcoin began the year at $30,000 and has since rallied almost fourfold to new all-time highs of $109,000. During the massive rally, BTC скорректировалось на целых 15% дважды, вдобавок к нескольким двузначным просадкам. Таким образом, 10%-ное падение биткоина вписывается в рамки предыдущих просадок.

One key level of support to watch for during a bull market is the short-term holder cost basis, which is the average on-chain cost for coins that have moved within the last 155 days. This level is around $91,000 at the moment, which means if BTC falls below that point it could put a strain on the bull run.

However, bearish sentiment is already starting to heat up, as funding rates for bitcoin have started to go negative. Also, BitMEX co-founder Arthur Hayes is now calling for a low of $70,000-$75,000 before seeing $250,000, while CoinDesk's Omkar Godbole also reported that bitcoin may drop to $75,000 should it trigger a so-called "double top" bearish reversal pattern.

The sell-off in crypto isn't coming alone, as U.S. markets are also selling off, with Nasdaq futures down as much as 4%.