1204 ET - After jumping to around $87,000 last week, bitcoin has been turning lower. It starts this week down 1.7% to $83,084, with cryptocurrency among the swath of commodities and equities being weighed down by a negative sentiment among investors. "The macro setup has tightened further since rates were increased earlier this month, even as crypto has decoupled, with fuel-supply constraints rather than excess demand continuing to pressure goods prices," says analysts with Bitfinex in a note. The firm says that bitcoin will require strong demand on the spot market to push toward and past the $87,000 mark, something that has yet to be seen. "Any advance must be carried by spot demand," the firm says.
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