Bitcoin (BTC) extended its losses on Friday, September 26, trading as low as $108,631 as U.S. second-quarter gross domestic product (GDP) growth revision dampened hopes for more aggressive Fed rate cuts.
Spot Bitcoin exchange-traded funds (ETFs) also took a blow, recording over $253 million in outflows on Thursday, September 25, bringing the total number for the week to roughly $480 million, a figure expected to rise further if prices slide below key support levels.
As things stand, resistance lower than $112,000 ‘isn’t great’ for the cryptocurrency, warned leading crypto analyst Michaël van de Poppe in a social media post on Friday morning.
Looking at the data from the past quarter, van de Poppe predicted that a failure to break out could see the world’s largest crypto sink toward the $107,000 level, a zone he thinks is ‘the first area for a potential bottom on BTC.’
“Basically, beneath the resistance at $112K isn’t great for Bitcoin. That’s why I th
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