Bitcoin price drops below $90,500, its lowest level since April
Bitcoin's price fell below $90,500, hitting its lowest point since April due to heavy selling by long-term holders and ETF outflows.Summary
Bitcoin's price has fallen below the $90,500 mark, reaching its lowest level since April, driven by significant selling pressure. This decline is attributed to heavy selling from long-term holders and substantial outflows from Bitcoin Exchange-Traded Funds (ETFs), which has weakened overall market momentum. The sell-off is causing fear, uncertainty, and doubt (FUD) to spread among traders, indicating potential capitulation. Notably, the price drop occurred despite Bitcoin having successfully retested previous resistance levels that had turned into support, suggesting the current selling pressure is intense and surpassing typical technical support zones, marking a departure from usual accumulation patterns by these key investor groups.
(Source：Crypto Briefing)