Bitcoin News: Bitcoin Falls Below $90,000 for the First Time in Seven Months

The crypto market was taken by surprise when Bitcoin dropped to below $90,000 for the first time in seven months. The price today is $90,181 and is oscillating between  $89,594–$90,320. This price is way below the $126,000 target the token was set to achieve this month. 

Bitcoin fell to $93,000 over the last weekend and continued to decline to reach its current price. The bearish sentiment for the token persists. The reasons for this downturn are many: the unexpected tariff announcements from U.S. President Trump, global market jitters, and substantial ETF outflows in November. 

The Bybit hack of Ether and the ensuing macroeconomic conditions have also contributed to Bitcoin’s downfall. Investors have now lost confidence in the market, and therefore, their overall interest in the crypto market has come down. 

Market Sentiment and Risk Factors for Bitcoin

Bitcoin has fallen into the bearish spectrum. The current sentiment is that of “extreme fear”. In the options trading market, the demand is high for options below $90,000. This shows that investors fear that the price may fall again and are trying to buy downside protection. 

The currency is experiencing a record high ETF outflow with a $2.3 million outflow so far. This selling pressure is expected to consolidate, further worsening Bitcoin’s market sentiment. Moreover, the liquidations have also exceeded the $ 1 billion mark in the first half of November, intensifying Bitcoin’s dip.

Bitcoin’s current price is 2% down from its all-time high price. Its supply in profit has also fallen by 68%. This is adding pressure on the token. Bitcoin has fallen beyond the key support levels. The high liquidation risk makes a $90,000 price drop inevitable. The short-term holders are also under selling pressure. 

The market analysts predict that if the current trend persists, Bitcoin may fall in price in the coming days. 

Bitcoin Technical Indicators to Watch 

The 14-day Relative Strength Index of Bitcoin is currently below 30, showing oversold conditions. There is a chance that the currency may bounce. The Stochastic indicator also shows deep oversold readings, suggesting a temporary stabilization. The 50-day and 200-day moving averages are around $110,300 and $110,473, respectively, and are significantly above the present BTC price. This gap reflects a sharply bearish structure. The Fibonacci Retracement levels are 0.382 and 0.618; they show the intensity of a downside risk. 

The immediate support zone to monitor for Bitcoin is the $83,000–$84,000 region, and if it falls below this level, support can be expected at between $69,000–$72,000.

The Bottom Line: Future Outlooks

Despite this drastic drop in Bitcoin’s price, analysts are optimistic that the price of this token will see a 25%-40% correction in the next bull cycle from the current 23% correction. The current drop in Bitcoin’s price is part of a risk-aversion move; the same goes for other altcoins, some of which have seen sharper declines. 

The future of the currency depends on the market trends and the relevant macroeconomic factors, and the general momentum of the market. If the current momentum persists, the price of Bitcoin may fall further. When the momentum reverses to bullish, the asset will recover from its current low level.

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