Bitcoin Drops 0.02% to $93,985 Amid Market Selling Pressure

Bitcoin's value has recently experienced a notable decline, falling below the $94,000 mark. The cryptocurrency was trading at approximately $93,985, marking a daily decrease of 0.02%. This drop reflects broader selling pressure throughout the crypto market, as Bitcoin's price dipped below $94,000 on Sunday. The decline comes after a period of steady growth, during which Bitcoin had been trading near its two-month high around $94,000.

The recent price action shows a 10% increase in the last seven days, with Bitcoin trading just below the significant $95,761 mark. However, the cryptocurrency is now correcting gains from the $95,000 zone and might test the $91,200 support zone in the near term. This correction follows a temporary decline, during which Bitcoin's price fell below $94,000 after reaching a peak of $95,000 earlier in the week.

Despite the recent decline, Bitcoin has demonstrated resilience by holding near its two-month high. The cryptocurrency gained 11% between April 20 and April 26, following signals of a relief rally. This rally was driven by a notable decline in Bitcoin's price, which fell below the $94,000 mark after a period of steady growth. The drop follows a period of institutional buying, during which U.S. Bitcoin spot ETFs recorded $3.06 billion in net inflows for the week ending April 25, their strongest weekly performance since November 2024. This influx of capital into Bitcoin ETFs suggests that institutional investors remain bullish on the cryptocurrency, despite the recent price decline.