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Bitcoin, the world's largest cryptocurrency by market capitalization, has fallen below 90 000 USD, reaching its lowest level in seven months.
According to Binance data, Bitcoin fell to 89 253 USD 29% below its all-time high, which was reached on October 6, 2024. The second-largest cryptocurrency by market capitalization, Ethereum, also declined, falling to 2 946 USD.
The Kobeissi Letter, an analytical resource, confirmed that Bitcoin is trading below 90 000 USD for the first time in seven months. Trader Crypto Candy noted that after trading in the 93 000- 95 000 USD range, the cryptocurrency continued its downward trend.
Kas Abbe, an analyst at the CryptoQuant analytical platform, noted that Bitcoin had reached 92 000 USD, which market participants had been considering as a target.
A BitBull trader noted a change in the ratio of profitable to unprofitable positions among short-term cryptocurrency holders.
The cryptocurrency market continues to evolve amid increased volatility.