Bitcoin Price Drops 2% As Vanguard Executive Compares It To Labubu Doll

The Bitcoin price tumbled 2% in the past 24 hours to trade at $90,323 as of 11:17 a.m. EST on trading volume that rose 12% to $54 billion.

This comes as John Ameriks, Vanguard’s global head of quantitative equity, called BTC a ”digital Labubu,” referencing a hugely popular collectible plush toy.

“It’s difficult for me to think about Bitcoin as anything more than a digital Labubu,” he said on Thursday at a Bloomberg conference in New York.

Ameriks said Bitcoin generates no income or cashflow, both properties it considers essential to making long-term investments.

Vanguard had long opposed offering crypto products on its platform, but the $11 trillion asset manager did a U-turn early this month by allowing its 50 million clients to begin trading crypto ETFS (exchange-traded funds) that meet regulatory standards.

That includes ETFs tracking Bitcoin, Ethereum, XRP, and Solana, but excludes products based on more speculative meme coins such as Dogecoin

Head of brokerage and investments Andrew Kadjeski said at the time that crypto ETFs “have been tested through periods of market volatility, performing as designed while maintaining liquidity.”

Bitcoin Price Holds Key Support In The Consolidation Phase

After printing a cycle high near $126,230, the BTC price entered a sustained downtrend within the confines of a falling channel pattern.

The selloff accelerated after Bitcoin lost the $108,000–$110,000 region, where the 200-day Simple Moving Average (SMA) previously provided dynamic support. The SMAs also formed a death cross around $110,577, which further pushed the price of BTC even higher.

BTC eventually found demand near the $85,000–$90,000 zone, an area that aligns with the 0.618–0.786 Fibonacci retracement levels.

Following that move, Bitcoin staged a modest rebound, pushing back toward the $94,000 level, though upside momentum remains capped within the falling channel.

The latest candles suggest seller exhaustion, as downside momentum slows and BTC begins to stabilize above the recent swing low.

However, with the current retracement, the price of Bitcoin remains below the 50-day SMA at $97,000, reinforcing the broader bearish bias in the short term. The 200-day SMA, currently near $108,600, continues to act as a major overhead resistance.

Meanwhile, the Relative Strength Index (RSI) is showing signs of a recovery, currently at 44, which shows that the price of BTC is currently in equilibrium, hence a consolidation phase. .

The Moving Average Convergence Divergence (MACD) remains below the zero line. Still, the histogram has turned positive as the blue MACD line has crossed above the orange signal line, a sign that bearish momentum could be picking up.

BTC Price Prediction

According to the BTC/USD chart analysis, the BTC price appears to be consolidating after a deep corrective move, with technical indicators hinting at the potential for a short-term relief rally.

If BTC manages to break above the falling channel resistance and reclaim the $100,000 zone, the next upside target could be the $106,000–$109,000 region, where the 0.382 Fibonacci level and the 200-day SMA converge.

On the downside, if the current bounce fails and sellers regain control, Bitcoin could revisit the $85,000 support zone, which now acts as a critical cushion against a deeper retracement toward the $74,000 level.

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