Bitcoin price drops below $90,500, its lowest level since April
Key Takeaways
- Bitcoin's price dropped below $90,500, breaking key support levels.
- Heavy selling by long-term holders and large ETF outflows are driving the decline.
Bitcoin dropped below $90,500 for the first time since April amid heavy selling pressure from long-term holders and ETF outflows that weakened market momentum.
Traders are showing signs of capitulation as fear, uncertainty, and doubt spread on social media during the ongoing price corrections.
The decline comes despite Bitcoin successfully retesting previous resistance levels turned support during recent pullbacks, suggesting the sell-off pressure has intensified beyond technical support zones.
Heavy selling from long-term holders and ETF outflows are contributing to the weakened market conditions, marking a shift from the typical accumulation patterns seen from these investor groups.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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