Bitcoin Slides Below $90K; Analyst Targets $84K–$86K as Potential Bottom
Bitcoin’s short-lived rebound on Tuesday gave way to renewed selling, pushing the cryptocurrency 4% lower below $90,000. Ether ETH$2,834.89 also fell, dropping 6.5% under $3,000. The previous day’s gains were notable as BTC climbed despite U.S. stock weakness—a rare divergence in recent months.
Crypto equities tracked the selloff. MicroStrategy (MSTR) fell more than 8% to a one-year low, while Circle (CRCL), BitMine (BMNR), Bitfarms (BITF), and Hive Digital (HIVE) also declined. The Nasdaq remained modestly up, gaining 0.2% midday.
Investor sentiment remains muted. The Crypto Fear & Greed Index continues to signal “Extreme Fear” after BTC’s early-October highs.
Vetle Lunde, head of research at K33, said the nearly 30% drop over 43 days ranks among the largest corrections since 2017. ETF outflows have added pressure, with $2.3 billion withdrawn from U.S.-listed spot BTC ETFs over the past five sessions, per Farside Investors.
“BTC has dipped below the average cost basis of U.S. ETFs,” Lunde said. “If this decline mirrors previous deep drawdowns, a bottom could form between $84,000 and $86,000. Otherwise, revisiting April lows and MicroStrategy’s $74,433 average entry may be likely.”
