Bitcoin (BTC-USD, Financial) has struggled to hold above $97,000, a warning sign that the cryptocurrency's rally may be losing steam, according to Bank of America (BofA) Chief Investment Strategist Michael Hartnett.
Hartnett noted that Bitcoin's volume-weighted average price since the U.S. election stands at $97,600, a level that needs to hold to prevent selling pressure from newer bullish investors.
The cryptocurrency has lost over 25% since hitting its all-time high on Jan. 20, as markets react to tariff announcements. Year-to-date, Bitcoin is down 11.16%, with a 9.9% decline against the U.S. dollar, making it the worst-performing currency this year, according to BofA.
As of Friday, Bitcoin is trading at $83,806, down 18.6% over the past month and roughly 2% lower on the day. Meanwhile, U.S. Bitcoin spot ETFs saw over $754 million in outflows on Wednesday, bringing total ETF outflows to $3.6 billion since Feb. 7.
