Bitcoin Price On Recovery Path After Falling Below $104K?

Bitcoin price has picked up dramatically, as the market saw a significant recovery in the last 24 hours. In this period, BTC went up by nearly 2% to about $108,978, all the way from about $106,950.

However, just a day ago though the coin was on a downward trajectory for several days, reaching around $106,950. It’s roughly 9% lower for the month and still more than 15% under the $126 K peak.

Big holders and miners sold into weakness, and spot-ETF flows turned negative again. Some traders saw just another messy shake-out; others worried the slide had more to run.

Bitcoin Price “On Sale”?

BitMEX co-founder Arthur Hayes said the latest Bitcoin drop wasn’t something to panic about. In a post on X, he joked that Bitcoin was “on sale” and told traders to keep their buy lists ready in case prices bounced back.

Hayes added that if U.S. banks ran into deeper trouble, another round of government rescue packages, like those seen in 2023, could end up boosting risk assets such as Bitcoin.

He said he already had a few tokens in mind to scoop up if the market kept sliding. His comments came as concerns over Western Alliance Bank and Zions Bank rippled through the markets and set off a broader risk off mood.

The sell-off began after reports of rising bad loans at those lenders. The headlines first hit U.S. stocks, then spilled over into crypto.

Bitcoin briefly dipped below $104,000 before rebounding when President Donald Trump clarified that his proposed 100 percent tariffs on Chinese imports wouldn’t start right away.

Even with that rebound, selling pressure lingered. On-chain data showed long-term holders and miners moving more than 51,000 BTC to exchanges during the week, a sign that some were preparing to sell.

ETF numbers painted a similar picture. Spot Bitcoin ETFs saw about $530 million flow out yesterday, the fourth day of withdrawals in five sessions.

Analysts said that some large investors seemed to back off a bit while the market stayed choppy.

Schiff Predicts Extended Weakness in Bitcoin Price

Economist and long time Bitcoin critic Peter Schiff said the coin was still deep in a bear market. He argued that Bitcoin had fallen short as a hedge against inflation and called it “fool’s gold.”

Schiff pointed out that BTC had dropped about 34 percent against gold since its record high, dismissing the idea that it had shown any real resilience.

He warned that the downturn could last for months and might turn harsh for anyone still holding. In his words, the “bear market was far from over,” and investors should be prepared for more pain.

Schiff wrote on X that people should sell their Bitcoin and move into physical gold if they wanted to protect their capital.

His comments sparked another round in the long running debate over Bitcoin’s value compared with gold’s centuries old role as a store of wealth.

Not everyone agreed with him. Entrepreneur Anthony Pompliano said Schiff’s argument ignored Bitcoin’s bigger picture.

He noted that gold had lost about 84 percent of its value when priced in Bitcoin, while BTC itself had risen roughly 15,000 percent since 2020.

Pompliano added that Bitcoin’s fixed supply and predictable issuance gave it an advantage over traditional commodities.

He said the asset continued to outperform most global benchmarks over time, which helped maintain its reputation as a safe haven choice for some investors.

Outlook: Can Bitcoin Price Recover From Miner Pressure?

Analysts were split on where Bitcoin might go next. Some thought the coin could revisit lower levels if miners and whales kept selling.

Others believed the recent dip might tempt dip-buyers back into the market. Traders said the flow of exchange traded funds could give early clues about sentiment.

If ETF outflows slow down, it might hint that institutional confidence is returning. On-chain data showed that miner reserves were still shrinking, a pattern that often leads to price stabilization once the extra supply clears.

Many traders also kept an eye on funding rates and open interest in the derivatives market, watching for signs of either capitulation or a rebound in long positions.

Even with the turbulence, Bitcoin remained the largest cryptocurrency by market value. Analysts said its long-term direction still depended on broader macro forces such as U.S. banking stability, interest-rate expectations, and liquidity across global markets.

If smaller U.S. banks run into more trouble, some think policymakers could roll out new support programs.

Fresh liquidity from those efforts might end up helping Bitcoin and other risk assets, much like in past market cycles.

By late Friday, Bitcoin was trading around $106,950, down about 1.3% in 24 hours, 4.9% over the week, and 8.7% for the month.

Those numbers are now looking so much better, what with its recovery to $109.50 earlier today.

Traders were waiting to see whether this was a real capitulation bottom or just another step in a longer correction.