$BTC

1. Profit‑taking and market sentiment

After reaching new highs, investors may lock in gains, increasing sell pressure and driving price down toward major psychological levels like $85 K.

2. Regulatory tightening

Announcements of stricter crypto rules (e.g. higher capital requirements for exchanges or bans on certain trading practices) can spook investors and trigger large outflows.

3. On‑chain indicators and liquidations

Elevated leverage (high funding rates on futures) raises the risk of cascading liquidations. A series of margin calls around $90 K could accelerate a drop to $85 K.

4. Macro headwinds

Rising interest rates and a stronger dollar make risk assets less attractive. If the U.S. Federal Reserve signals further rate hikes, crypto could see capital rotation back into fiat or bonds.

5. Technical analysis

A break below key moving averages (e.g. the 50‑day MA) often leads to retests of prior support zones. The $85 K level corresponds to a 38.2% Fibonacci retracement of the recent rally.