Bitcoin Slides Below $100K After Bybit Hack, Institutional Interest Wanes

Bitcoin (BTC) has been trading sideways, with prices remaining below the $100,000 mark. The cryptocurrency has been unable to gain significant momentum, as sellers continue to exert pressure. If the price breaks below a key support level, BTC could experience a correction that could push it down to $90,000.

The recent Bybit hack has impacted price action, with buyers losing momentum as volatility dictated market movements on Friday. The hack, which resulted in a staggering $1.4 billion loss, sent shockwaves through the market and contributed to BTC's decline.

Analysts are concerned about the slowdown in institutional interest in Bitcoin and Ethereum futures contracts. This decline in demand from systematic and momentum-driven funds, such as CTAs, has affected both bitcoin and ether futures. BTC has been trading in a range between $94,000 and $100,000, with prices currently at the lower end of this range.

If sellers drive the price below $94,000, BTC could decline to $90,000. However, buyers are expected to defend this level vigorously and prevent a further decline. BTC price action was mixed over the previous week, with a marginal drop on Monday followed by a recovery on Wednesday and Thursday. However, the Bybit hack on Friday sent the price tumbling, and BTC has been struggling to regain its footing since then.

In other news, Jason Lowery, a United States Space Force serviceman, has made a bold prediction about Bitcoin's future. Lowery believes that the market is still in the early stages of understanding the science behind reusable Proof-of-Work networks. He suggests that the Digital Gold Theory could drive BTC to $1 million by 2030, and that deeper theoretical constructs like Power Projection Theory and Digital Matter Theory could push the price to $100 million in the future.

Meanwhile, HK Asia Holdings Limited has increased its Bitcoin holdings to nearly 9 BTC, only a week after its share price doubled following its first BTC purchase. The firm's board approved the increase in Bitcoin investment, citing the growing popularity of cryptocurrencies in the commercial world as a reason for the purchase.

In Georgia, a second Bitcoin reserve bill has been introduced that allows the state treas