Bitcoin Falls Below $100,000 Amid U.S. Selling

Bitcoin's price fell below $100,000 during Friday's trading session, extending a recent period of weakness that has gripped the cryptocurrency market. The decline marks a continuation of downward pressure, with the digital asset potentially poised to retest its June 23 low of $98,200.

The drop follows a broader pullback, influenced by indicators pointing to heightened selling from U.S.-based investors. On Thursday, the Bitcoin Coinbase Premium Index, which measures the price difference between Coinbase and global exchanges like Binance, reached its lowest point since April 11. This metric turned negative, signaling that Bitcoin traded at a discount on the U.S. platform, a development often linked to outflows from exchange-traded funds and spot selling by American holders. Such negative premiums have historically aligned with short-term price declines, as they reflect concentrated selling activity tied to Coinbase flows.

Crypto analyst Daan Trades observed that these phases are common during overall market downtrends. "The discount tends to emerge when the market faces concentrated spot selling from Coinbase-linked flows," the trader wrote. While not inherently positive, Daan...