The deterioration of the macro economy and the collapse of industry giants such as FTX and Terra have hit Bitcoin prices this year.
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Bitcoin Dropped $90,000 overnight Selling stock pressure As the cryptocurrency market awaits the next catalyst.
According to the coin indicator, the price of Bitcoin fell 6% to $88,519. Earlier, it was as low as $87,736.
The drop makes blue chip coins almost 20% High history It was reached on President Donald Trump’s inauguration day.
“Last week, stocks faced some difficult meetings, with the best performance stocks falling many times as the market is under the new government,” said Steven Lubka, head of Swan Bitcoin’s private client and home office. Confronting uncertainty.” “This pressure has been spread across the Bitcoin and crypto markets. … Ultimately, the lack of visible short-term catalysts and stock pressures brings an environment for profits and shorts pressures.”
Bitcoin is below Monday’s key $90,000
Bitcoin started the year in rally mode, driving optimism over the positive changes the new Trump administration is expected to bring to the crypto industry. But since the president released his expectations Encryption executive order At the end of January – despite taming the industry’s content than the gains of language on strategic bitcoin reserves – there’s little to look forward to in the market.
While optimism about Trump’s long-term positive impact on cryptocurrencies remains high, its movement has and may continue to be determined by macroeconomic trends.
Lubka said he believes Bitcoin will complete the digestion of the move and resume its long-term action by mid-March.
The $90,000 level marks the narrow bottom of Bitcoin that has been trading since the end of November. Analysts warn that if Bitcoin meaningfully breaks through levels, it may find a deeper pullback towards $80,000.
Other cryptocurrencies were even worse on Monday. ether And Solana’s sol Tokens each fell by 9%. Depend on Coindesk 20 Index, loss exceeds 8%.
