Bitcoin's price movement today has been shaped by a mix of anticipation around U.S. retail sales data and regulatory concerns in South Korea. The cryptocurrency experienced 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 a 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. This sentiment is compounded by the strengthening U.S. dollar, which traditionally weighs on Bitcoin's price.
The Proshares Ultrashort Bitcoin ETF (SBIT) saw a decline, closing at $9.87, down 2.28% from the previous close of $10.10. As of 18:40 on Thursday, January 16, the ETF is trading at $9.95, reflecting a 1.49% decrease from the previous close.