Key Takeaways
- Bitcoin’s price dropped below $90,500, breaking key support levels.
- Heavy selling by long-term holders and large ETF outflows are driving the decline.
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Bitcoin dropped below $90,500 for the first time since April amid heavy selling pressure from long-term holders and ETF outflows that weakened market momentum.
Traders are showing signs of capitulation as fear, uncertainty, and doubt spread on social media during the ongoing price corrections.
The decline comes despite Bitcoin successfully retesting previous resistance levels turned support during recent pullbacks, suggesting the sell-off pressure has intensified beyond technical support zones.
Heavy selling from long-term holders and ETF outflows are contributing to the weakened market conditions, marking a shift from the typical accumulation patterns seen from these investor groups.
