Bitcoin Price Plunges below $90,000, Market Analysis

The cryptocurrency market has experienced a significant downturn for Bitcoin, dropping below the crucial $90,000 mark for the first time in seven months. On Monday’s opening session, Bitcoin saw a substantial drop, falling to as low as $89,650 before stabilizing around $89,600. Experts attribute this decline to various factors, including corporate investors adjusting positions ahead of year-end and a noticeable outflow of over $3 billion from spot ETFs. These events highlight the market’s sensitivity and indicate short-term risk aversion and profit-taking.