Bitcoin Drops to Seven-Month Low Under $90K

Bitcoin fell below $90,000 for the first time in seven months, a significant decline attributed to profit-taking and portfolio rebalancing. Over the last 24 hours, Bitcoin dropped 4.5%, following the transfer of about 185.5 BTC from Mt. Gox wallets. The total market capitalization of cryptocurrencies decreased by 20%, from $4 trillion to $3.2 trillion since October 14. November has seen significant outflows from spot Bitcoin ETFs, totaling $2.59 billion, indicating a shift in market sentiment. Institutional demand has diminished amid increased macroeconomic uncertainty, while recent large withdrawals from Bitcoin and Ethereum exchange-traded products have highlighted this trend. Analysts suggest that if bearish trends continue, Bitcoin may revisit the $82,000-$85,000 range, where long-term holder costs and potential inflow clusters exist. Currently, the market remains under pressure as bearish signals like the 'death cross' emerge, indicating further price declines may be probable unless market conditions improve.

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