Bitcoin Slumps Below $90K: Liquidations Reach New Heights

Bitcoin’s price has plummeted below the crucial $90,000 level, triggering another wave of liquidations exceeding $413 million. This recent drop is attributed to waning demand and persistent selling pressure, particularly from a mega whale holding Bitcoin since 2011 that liquidated over $1.3 billion worth of BTC. While this move contributed to the market’s downtrend, it doesn’t necessarily reflect a broader trend in whale activity. Recent data indicates whales have been strategically buying Bitcoin at discounted prices, indicating an increased willingness to accumulate the asset even during the recent price decline.