Bitcoin's price movement today has been shaped by several factors, including anticipation around U.S. retail sales data and regulatory developments in South Korea. The potential suspension of Upbit, South Korea's largest cryptocurrency exchange, due to alleged KYC violations, has heightened concerns in Asian crypto markets, contributing to a cautious sentiment. Additionally, Bitcoin's approach to the significant $100,000 milestone has not been met with renewed bullish momentum, as indicated by order book data. This lack of momentum, coupled with a strengthening U.S. dollar, has left sellers in a more dominant position, adding to the downward pressure on Bitcoin's price.
The ProShares Short Bitcoin Strategy ETF (BITI) experienced a slight decline, closing at $22.18, down 0.81% from the previous close, and currently trading at $22.30, reflecting a 0.27% decrease from the prior close as of 18:40 on Thursday, January 16.