Khaberni - Bitcoin entered a deep correction wave during today's trading, abandoning major support levels and recording a sharp decline that pushed it below the $90,000 barrier.
This loss is causing market fears of potential "panic selling" unless buying forces intervene quickly.
By the numbers:
Current price: $89,678.1.
Loss magnitude: A sharp drop of $2,484.0 or -2.70% compared to the opening price.
Daily range: The currency entirely moved within a negative range between $89,065.2 and $89,799.1, where the daily high did not even touch the $90,000 mark, indicating seller dominance.
Break of support and liquidity flight
This decline can be interpreted in light of several variables:
Technical support break: The fall below $90,000 represents a strong technical blow, as this figure has now transformed from "support" into "stubborn resistance".
Risk aversion: High-risk assets are affected by global instability and regional tensions fueled by occupation, prompting investors to liquidate their portfolios and resort to "cash" dollars.
Institutional profit-taking: It seems that major funds have started broad profit-taking operations after the price failed to stabilize above $92,000 previously.
"Critical moment"
Market analysts describe the current scene as "a very critical moment for Bitcoin".
They add: "Staying below the $90,000 level for more than two consecutive closings could open the door to testing deeper support areas that might reach $85,000. The sentiment is now bearish, and liquidity is leaving the market at an accelerated pace".
