BTC risks drop below $90K with FOMC minutes in focus

Bitcoin's recent decline is the result of multiple factors, including a sharp drop in U.S. tech stocks and weakening institutional buying, with the market now focused on this week's Federal Open Market Committee (FOMC) minutes, Coindesk reported. The outlet noted that net inflows into crypto ETFs have slowed for two consecutive weeks, selling pressure from long-term holders is increasing, and retail investor liquidity has yet to recover. Derivatives firm Bitunix stated that if Bitcoin breaks its short-term support level between $93,000 and $95,000, it could fall to $89,600. The firm added that any rebound attempt would face resistance at $100,200 and subsequently at $107,300. Nick Ruck, director of research at LVRG, commented that whether the $92,000 level holds as support depends on a dovish stance being confirmed in the upcoming FOMC minutes.