Bitcoin Drops to Seven-Month Low Under $90K

Bitcoin has fallen below $90,000, hitting a seven-month low. This decline follows substantial outflows from Spot Bitcoin ETFs, totaling $2.59 billion in November, leading to diminished market sentiment. Experts attribute this downturn to profit-taking and portfolio rebalancing, with indications that Bitcoin could drop to the $82,000 to $85,000 range if bearish trends continue. The total cryptocurrency market capitalization has decreased by 20%, reflecting broader challenges. Institutional demand has weakened, indicated by significant withdrawals from Bitcoin and Ethereum ETFs, particularly a notable $463.1 million withdrawal from BlackRock's ETF. This situation has triggered technical signals such as a 'death cross,' suggesting a potential bear market. Analysts emphasize the need for macroeconomic clarity to stabilize the market, with opinions divided on whether Bitcoin may recover to higher levels amid ongoing selling pressure.

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