Without waiting for what has become its usual Sunday evening drop time, Bitcoin The weekend is off to an early start this holiday season, continuing its overnight slide and slipping below $90,000 in the early hours of US trading.
The move undoes much of the rebound since last Sunday night’s panic drop that pushed bitcoin as high as $84,000.
Ethereum Ether is 2% lower in concert with BTC, while other top altcoins such as Solana , , And are down more than 4% each.
This action could reinforce analysts’ earlier predictions that instead of a rapid rebound, increased consolidation is expected towards the end of the year for the crypto market.
As a result, crypto-related stocks are significantly lower across the board, with Strategy (MSTR), Galaxy Digital (GLXY), CleanSpark (CLSK), and American Bitcoin (ABTC) among those posting declines of 4-7%.
According to Velo data, the most bearish time of day over the past six months was the hour before the US market opened and the first hour of US trading.
Friday was also the most bearish day of the week over the same period.
Anecdotal Inflation Data Raises Hope
Consumer sentiment numbers from the University of Michigan released at 10 a.m. ET could ease the bearish mood for the rest of the day.
Although highly anecdotal and tending to be influenced by the political parties favored by respondents, consumers’ one-year inflation expectations for December fell to 4.1%, down from 4.5% previously and 4.5% expected. Consumer inflation expectations over five years fell to 3.2%, down from 3.4% previously and 3.4% expected.
With the lack of official economic data in recent times, these private surveys have taken on a new level of importance and Bitcoin managed to edge back to the $91,000 area within minutes of the report’s release.
