Bitcoin Price Sits Down Over 30% From All-Time Highs as Market Waits for Next Catalyst
Bitcoin is trading near $87,000, down over 30% from its peak, as the market awaits a stabilizing catalyst amid global risk-off sentiment.Summary
The Bitcoin price has fallen more than 30% from its October record high, currently trading around $87,000, reflecting a broader global risk-off sentiment where Bitcoin is behaving like a high-beta tech asset. Analysts are watching the critical $80,000–$83,000 support zone, which has held twice this month but is weakening with each test. On-chain data shows mixed signals: mid-tier whale wallets (100+ BTC) are slightly increasing, suggesting bargain hunting, but the largest whales (10,000+ BTC) are trimming holdings, and Citi notes a lack of necessary spot inflow cushion. Macro uncertainty, stemming from the Fed's data-dependent stance on potential rate cuts (which previously fueled the rally above $100K), and regulatory slowdowns are dampening confidence. Technically, while the structure is damaged, the key is holding $84,000; losing it could lead to a retest of $70,000, though historical data shows 30% drawdowns are routine for Bitcoin.
(Source：Bitcoin Magazine)