Hajra Naz
Bitcoin sentiment has shifted toward bearish territory as traders position for more downside instead of recovery, according to crypto market data shared via ProPakistani.
On prediction platform Myriad, 53% of participants now expect Bitcoin to drop toward $55,000. That view has moved ahead of expectations for a rebound to $84,000. A day earlier, sentiment leaned the opposite way, showing how fast positioning has changed.
Bitcoin has continued its slide, falling more than 5% since Monday and trading near $67,000 at press time. That marks its weakest level in about two months. Over the past week, losses have exceeded 12%.
Selling pressure has played a major role. Strategy, the well-known Bitcoin treasury company, sold 32 BTC in its first notable sale since 2022 after years of accumulation. The move surprised parts of the market and added to concerns about shifting institutional behavior.
Read More: Bitcoin Breaks Records, Surges Past $121,000 for the First Time
Outflows from US spot Bitcoin ETFs have added further strain. About $3.4 billion has left these funds in the past 24 hours, pushing net flows deeper into negative territory for the year so far.
Liquidations have also intensified the drop. Roughly $600 million in long positions were wiped out in a single day as leveraged trades failed during the downturn.
On-chain activity has added another layer of uncertainty. Transfers linked to previously collapsed exchanges moved about $1 billion in Bitcoin. These transactions do not confirm selling, but they have still weighed on sentiment.
Bitcoin now trades around 46% below its record high of $126,080. Despite the decline, some traders on X continue to speculate on a sharp rebound above $100,000, even linking upside scenarios to geopolitical developments involving Pakistan and possible mediation efforts in the US-Iran situation.
