Overview
- Bitcoin fell to the upper $88,000s before stabilizing near $89,000–$91,000 during a sharp intraday sell-off.
- Roughly $167 million in positions were liquidated, including about $146 million in longs, accelerating the downside move.
- Technical signals remain bearish with lower highs, weak RSI and negative MACD, and traders flag $87,800 near term and $78,000–$78,430 as the next major support zone.
- Market commentators highlight ~$97,000 as a pivotal reclaim level tied to the youngest long-term holders’ realized price and the 50-week average, with the 100-week average near $84,000–$86,000 as support.
- Institutional signals diverge as JPMorgan maintains a $170,000 6–12 month target and trims its production-cost estimate to $90,000, BlackRock’s spot ETF records sustained outflows, Larry Fink says some sovereign wealth funds bought in the $80,000s, and Arkham tracks a 3,805 BTC Matrixport withdrawal from Binance.