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    Bitcoin dips below $93,000, triggers $337.6 million loss in crypto markets with potential further declines

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    Bitcoin’s value sank below $93,000, incurring a loss of $337.6 million across crypto markets due to panic selling and long-term holders’ sales. Analysts believe that further mass sell-offs may occur, potentially driving the price down to $90,000. Despite the market’s cautious outlook, some traders feel comfortable at such a price mark.

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    Bitcoin’s journey to $100,000 stalled as sellers swooped in and ended up pushing the cost of Bitcoin (also known as BTC) below $93,000. This was a major hit to those who had bet on the price of Bitcoin rising, as around $337.6 million ended up being stripped away from various crypto markets over the span of a single day.

    This mass sell-off was no doubt caused by a bunch of panic sells and can be seen in charts that show heavy selling on certain exchanges that allow “perpetual futures trading”.

    Yet, it wasn’t just these panic sellers behind the recent downward trend. Analysts found that long-term Bitcoin holders (those who have been holding onto their Bitcoin for 6-12 months) also had a part in the sales. They typically sold when the average cost was much lower than the current market price (around $57.9K).

    These long-term holders definitely got their money’s worth, given that Bitcoin had a sweet jump from $74K to $99K. But as the old saying goes, “What goes up, must come down.”

    And today was one of those days when the market saw a shift from a hopeful to a more cautionary sentiment. This was noticeable when the number of forced sel-offs increased and Bitcoin’s price dropped closer to $90,000 – pushing a bunch of people to bet on the price dropping even further.

    Now, the data is saying that if Bitcoin’s price drops below $94,000, we could see another round of mass sell-offs until we hit around about the $90,000 mark, which some traders seem pretty comfortable with.

    This article isn’t giving you financial advice or recommendations. It’s always risky dealing with investments and trading, so you should totally do some of your own research before making any moves.

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