Bitcoin's price movement today has been influenced by a combination of factors, including the anticipation of U.S. retail sales data and regulatory developments in South Korea. The cryptocurrency saw a slight decline as traders awaited the retail sales figures, which could introduce further volatility. Additionally, the potential suspension of Upbit, South Korea's largest cryptocurrency exchange, over alleged KYC violations has sparked concerns in Asian crypto markets, contributing to the cautious sentiment.
The broader market dynamics also played a role, with Bitcoin's price nearing the significant $100,000 milestone. However, the order book data suggests a lack of replenished bullish momentum, leaving sellers in a more dominant position. "As we near $100K, the skew approaches levels seen only three times since 2022," noted FalconX, indicating potential vulnerability to negative news. This sentiment is compounded by the strengthening U.S. dollar, which traditionally weighs on Bitcoin's price.
Bitcoin is currently trading at $99,844.36, reflecting a 0.65% decrease today. The cryptocurrency reached a high of $100,600.13 and a low of $97,512.44 during the day.