⚡Bitcoin's price has plummeted below $88,000, triggering a massive $135 million in crypto long liquidations in the past hour. This sudden drop is part of a broader market downturn, with the global crypto market cap falling to $3 trillion. Ethereum and other major altcoins have also seen significant losses, with Ethereum dropping below $2,900 and Solana and XRP experiencing over 3% losses in the past 24 hours.
⚡The current market sentiment is fearful, with the Fear & Greed Index registering a score of 25. Technical analysts point to a false breakout of the $95,938 resistance level as a catalyst for the current downtrend. Without reversal signals, Bitcoin may test support at $86,561, with some forecasts suggesting a potential slide toward $80,000.
⚡Some analysts attribute the decline to the expected US government shutdown and President Trump's threat to impose 100% tariffs on Canada. Others believe it's due to the growing involvement of Wall Street in the cryptocurrency market, citing Bitcoin's poor performance compared to gold. ³ ⁴
⚡Despite the selloff, crypto bulls showed little sign of pulling back, with Michael Saylor, executive chairman of Strategy, hinting at another potential purchase.
