Bitcoin Falls Below $90,000 Mark Amid Market Re-Accumulation Phase
Bitcoin's recent price drop below $90,000 has impacted the entire cryptocurrency market, causing losses for bullish investors. Key points include:
- Bitcoin trades below $90,000 for the first time since November 2024.
- The price has consolidated between $90,000 and $100,000 after previous upward momentum.
- Analysts interpret this consolidation as a natural market cycle phase.
- Rekt Capital highlights this pullback as a "downside deviation" within a re-accumulation range.
Some long-term holders see the recent selloff as an accumulation opportunity, increasing holdings by 20,400 BTC in 48 hours. Bitcoin's future price movement hinges on its reaction at this level:
- A recovery above $90,000 may signal further gains and renewed bullish sentiment.
- A sustained decline could lead to further losses, with significant support only around $70,000.
As of now, Bitcoin is trading at $88,628, down 7.5% over the past week, but has shown signs of stabilization with a 2% rebound from a low of $86,867.
