Bitcoin Slips Below $90K as Market Awaits Next Move

Bitcoin prices have fallen below $90,000 as broader market weakness dragged on crypto sentiment. The leading cryptocurrency dropped 5% to $89,122, hitting an intraday low of $87,736, according to Coin Metrics. 

With this latest decline, Bitcoin now sits nearly 20% below its all-time high, set on the day of President Donald Trump’s inauguration.

Equities have struggled in recent sessions, with top-performing stocks suffering steep declines as markets adjust to uncertainty under the new administration. The S&P 500 has now posted three consecutive losing sessions, weighed down by concerns over slowing economic growth and stubbornly high inflation. 

The pressure in traditional markets has spilled over into Bitcoin and the broader crypto space, triggering a fresh round of selling.

At the start of the year, Bitcoin surged on optimism surrounding the Trump administration’s expected pro-crypto stance. However, after the president signed a lukewarm executive order on digital assets in late January, momentum has faded. With no major near-term catalysts in sight, traders have shifted into a wait-and-see mode, leading to a period of consolidation.

What Does This Mean for Me?

The $90,000 level has served as a key support zone since late November. A meaningful break below this range could open the door for a deeper pullback, with analysts eyeing potential support between $75,000 and $80,000. 

Other cryptos are also faring poorly, with Ether and Solana each plunging 9%. The broader crypto market has fallen over 8%. Despite the short-term weakness, some analysts believe Bitcoin could regain upward momentum by mid-March, assuming macroeconomic conditions stabilize.