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Bitcoin Falls Below $90,000 for the First Time in Seven Months
The largest cryptocurrency reached a low of $89,253 on the Binance exchange, marking a 29% decline from its all-time high, recorded on October 6. Ethereum also dropped to $2,946, demonstrating overall weakness in the crypto market.
1-day BTC/USD chart. Source: Binance
Technical Analysis Indicates Consistent Selling Pressure
Analytics resource The Kobeissi Letter confirmed the loss of a key support level, noting that Bitcoin is trading below $90,000 for the first time in seven months.
Trader Crypto Candy pointed out that Bitcoin is steadily breaking one support level after another. After holding within the $93,000–$95,000 range, the cryptocurrency broke downward to lower levels. The analyst warned that if current momentum persists, a move toward the next support zone of $86,000–$87,500 is possible.
1-day BTC/USD chart. Analysis: Crypto Candy
Crypto Candy also noted Ethereum’s inability to stay above the $3,300–$3,500 level. The leading altcoin dropped to the support area of $2,900–$3,000, though it still remains above critical levels.
1-day ETH/USD chart. Analysis: Crypto Candy
CME Gap Closure Becomes a Key Factor
Trader Daan Crypto Trades recorded the closure of the last major Chicago Mercantile Exchange (CME) gap, which many market participants viewed as an important technical level.
1-day BTC/USD chart. Analysis: Daan Crypto Trades
CryptoQuant analyst Cas Abbe confirmed that Bitcoin fully filled the gap at $92,000. In his view, this level served as the target for the market when the downward movement began. He believes the potential for further decline is now limited.
Signs of Capitulation Emerge in the Market
Trader BitBull highlighted increasingly visible signs of capitulation. The ratio of profitable to unprofitable positions among short-term holders has reached a historic low. The analyst interprets this as a capitulation signal and a potential indication of market bottom formation.
Ratio of profitable and unprofitable positions of short-term holders. Source: BitBull
Crypto trader and analyst Michaël van de Poppe acknowledged the severity of the current market conditions, noting that it almost appears Bitcoin could fall to $25,000, while altcoins look completely devastated. However, the expert stressed that he does not plan to sell his portfolio and remains patient. He called the current situation “the most significant disconnect between asset prices and the fundamental growth of the crypto sector” he has ever observed.
Altcoins Maintain Bullish Prospects
Despite the overall market decline, trader and analyst Moustache pointed to a key technical factor for altcoins. According to him, the TOTAL2 index, which reflects altcoin market capitalization, continues to trade above a bullish trendline that has been valid for more than 10 years. He emphasizes that the market is not in a bearish phase.
1-month altcoin market capitalization chart. Source: Moustache
The loss of the $90,000 level caught most market participants off guard, as many expected support near the CME gap at $92,000 and viewed this level as a likely reversal point.
See also: "Bitcoin Price Today: Drops Below $90K as Fed Rate-Cut Doubts Weigh on Markets"
