- Bitcoin drops below $90K, hitting its lowest level since November
- Analysts see no confirmed bottom, with key support between $82K-$85K
- Tariff concerns and Bybit’s $1.5B hack fuel market uncertainty
Bitcoin slipped below $90,000 on Tuesday, continuing its steep slide since November. This drop happened during macroeconomic fears and a big exchange hack made investors nervous.
Investor mood really soured because of U.S. tariff worries and a $1.5 billion hack on Bybit. The top cryptocurrency is now down 3% today.
CZ’s Witty Take on Bitcoin’s Dip
As analysts warn of more turbulence ahead, former Binance CEO CZ weighed in, joking about future headlines lamenting a Bitcoin “crash” from $1,001,000 to $985,000. He argued that as Bitcoin’s market cap grows, volatility will gradually decrease, making even a 2% dip newsworthy.
Technical analysts are still worried, suggesting prices might go even lower before they bounce back. “We don’t see any solid bottom yet,” one expert said. “Bitcoin still needs to break above any resistance, and the price pattern suggests prices could fall further. There’s strong support around $82,000 to $85,000, but we might see another low before a real rebound.”
Related: Bitcoin Cracks Below $90,000: Market Tremors and Trader Losses Mount
Sentiment Says “Buy”? Bitcoin’s Wild Ride Continues
Even though Bitcoin’s sudden drop looks bad, analysts highlight a crucial development—the Cryptoasset Sentiment Index (CSI) has plunged to extreme bearish levels.
Historically, when negative sentiment gets this strong, it’s often marked local bottoms for Bitcoin. This suggests the risk of further drops might be pretty low.
Widespread bearishness across flows, on-chain activity, and derivatives data makes a stronger case for a possible price bounce. Market analysts suggest Bitcoin could find solid support between $82,000 and $85,000 before stabilizing. Some traders also anticipate a short-term recovery toward the $91,000 region before the next decisive move.
Related: Crypto Crash 2.0 Fears? Bybit Hack, Bitcoin Plunge Echo Terra/Luna Disaster
Tariffs as Crypto Fuel? Balaji Srinivasan’s Market Prediction
Meanwhile, former A16Z investor Balaji Srinivasan suggests that rising nationalism and economic protectionism will drive global finance on-chain. He argues that while tariffs may weaken the domestic market, they could speed up crypto adoption. This is because tariffs might push money into decentralized networks run by smart contracts.
Right now, Bitcoin’s next move is unclear. Investors are watching resistance at $91,000 closely, along with the chance of even bigger losses. Whether the market will rebound or correct further is still up in the air.
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