$BTC Bitcoin has dropped significantly, recently falling below $90,000, which suggests a sharp retraction from previous highs.
The pullback is being driven by macro uncertainty — especially concerns over future U.S. interest rate cuts — and a broader risk-off mood in financial markets.
A tech-sector sell-off (especially weakness in Nasdaq) is spilling into crypto, amplifying downward pressure on BTC.
2. On-Chain & Institutional Flows
Institutional ETF inflows remain a key long-term narrative, though recent trading has been choppy.
On-chain data shows long-term holders are stepping up selling, which is a red flag: about 815,000 BTC were sold over a recent 30-day period — the most since early 2024.
At the same time, some analysts note accumulation at lower levels, suggesting a tug-of-war between profit-taking and conviction.
3. Key Levels to Watch:
Resistance zone: ~$110,000–115,000 — breaking above this reignite bullish momentum.
Support zone: ~$90,000 historically critical — a sustained break below could lead to further downside (some point to ~$75K as a potential next level if risk remains elevated).
4. Catalysts & Risks
Bullish catalysts:
Possible rate cuts from the Fed could improve liquidity and risk appetite.
Resumption of U.S. government spending (if a shutdown resolves) could inject liquidity into markets.
Continued ETF adoption and institutional demand remain key tailwinds.
Risks:
Geopolitical tensions or another macro shock could drive BTC lower.
5. Short-Term Outlook
In the near term, Bitcoin could trade in a range-bound manner between $90K on the downside and $115K on the upside, depending on macro developments and investor risk appetite.
If macro conditions improve and ETF inflows pick up again, a rebound toward $120K+ by year-end is possible.
However, if selling pressure continues (especially from long-term holders) and macro risk escalates, there is a realistic chance BTC could retest lower support around $75K according to some strategists.
