Recent data reveals a significant drop in the value of Bitcoin (BTC), with prices experiencing an 8% decline over the past day. This downturn aligns with on-chain and technical analysis that suggested such a movement was likely. The result is a price below the crucial threshold of $92,500, commonly used by short-term investors, raising concerns about intensified selling pressure in the market. Bitcoin’s current price drop leaves average investors holding losses of around 4%. Historical data suggests breaches of this critical level frequently trigger further selling activity. The key support for Bitcoin currently stands between $89,000 and $87,000, although its strength is diminishing. If the price stays below $87,000, it could lead to a significant drop towards the $71,000 to $72,000 range. Experts are closely watching for Bitcoin’s ability to rebound above the short-term cost basis ($92,500) to avoid a prolonged downturn and keep investors on high alert.