PANews reported on November 21 that Bitcoin is approaching its "maximum pain" range. Bitwise's research director pointed out that $84,000 to $73,000 is a possible "maximum pain" selling range, which includes BlackRock's IBIT cost price of $84,000 and Strategy's BTC cost price of $73,000. He believes the final bottom is likely to appear between these two prices, describing them as "clearance prices," similar to a reset of the entire cycle.
IBIT saw a single-day outflow of $523 million this week, bringing the cumulative outflow over the past month to $3.3 billion, representing 3.5% of its total assets under management. Strategy's net asset value has fallen below $1, and a retest of its cost price of $73,000 could further exacerbate market anxiety.
Furthermore, increased uncertainty surrounding whether the Federal Reserve will cut interest rates in December could lead to continued tightening of market liquidity. Nevertheless, stablecoin reserves on exchanges have reached $72 billion, and analysts predict that if the macroeconomic environment improves, BTC may fluctuate between $60,000 and $80,000 by the end of the year.
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