Bitcoin Drops to Seven-Month Low Under $90K

Bitcoin has dipped below $90,000 for the first time in seven months, marking a significant drop in the cryptocurrency market. In November, spot Bitcoin ETFs experienced outflows totaling $2.59 billion, closely approaching the previous high of $3.56 billion recorded in February. Factors contributing to this downturn include profit protection and portfolio rebalancing by investors. Recent movements from Mt. Gox wallets, where approximately 185.5 BTC were transferred, have added to the downward pressure. Despite a slight recovery, Bitcoin is down 4.5% over 24 hours, reflecting deteriorating market sentiment and reduced institutional demand. Experts suggest that if the bearish trend continues, Bitcoin could drop further to the $82,000 to $85,000 range, which could serve as a support level due to historical buying clusters. The overall market capitalization of cryptocurrencies has fallen significantly, dropping from $4 trillion in October to $3.2 trillion, indicating a broader risk-off sentiment among investors amidst macroeconomic uncertainties.

Source 🔗