Price drop: BTC falls to $89.3K as long-term holders sell historic volumes, breaking $90K support

Technicals: RSI neutral, MACD bearish, key support at $87.2K with heavy resistance at $93.8K

Catalysts: $1.2B ETF outflows and historic supply release by 2+ year holders drive bearish sentiment

Market Status

BTC is currently trading at $89,306.68, marking a 0.71% decline in the last 24 hours and a 6.46% drop over the past 7 days, reflecting broader market volatility.

The 24-hour trading volume stands at $35.75 billion, with a total market capitalization of $1.78 trillion and a market dominance of 59.35% as investors seek stability.

Market sentiment has shifted into "Fear" with the Fear & Greed Index dropping to 34, following the breach of the psychological $90,000 level and increased liquidations.

The current market environment is characterized by a "brutal pruning" phase, with over $1.5 billion in recent liquidations impacting high-leverage positions across the board.