Bitcoin (BTC) Price Sinks Below Key Support Levels, Wiping Out Recent Gains and Reigniting Bearish Concerns

Bitcoin, the leading digital asset, tumbled below key support levels, wiping out recent gains and reigniting bearish concerns.

Bitcoin (BTC) dropped below a key support level on Thursday, wiping out recent gains and reigniting bearish concerns as broader market weakness and macroeconomic uncertainties continued to exert pressure.

The crypto market selloff resulted in over $1.48 billion in liquidations, with $1.37 billion arising from long positions, according to data from Coinglass. This massive liquidation wave suggests that leveraged traders were caught off guard by the sudden shift in sentiment.

Bitcoin Price Sinks Below $90,000, Hits Three-Month Low

Bitcoin's price slid below the $90,000 mark to reach its lowest level in three months amid broader market weakness and macroeconomic uncertainties. The cryptocurrency dipped to $87,220, marking a 7% decrease from previous levels. It even plunged as low as $85,899.99, hitting the lowest point since November 2024.

This sharp drop comes as the crypto market deals with sell pressure from equities markets and general macroeconomic concerns.

Bitcoin has now lost about 20% from its record high, which was set on the inauguration day of President Donald Trump, as per Coin Metrics. Analysts note that Bitcoin's recent collapse is also in correlation with greater market volatility.

Bitcoin (BTC) was trading at around $88,899, down 5.89% in the last 24 hours at press time. Source: Bitcoin Liquid Index (BLX) via Brave New Coin

“Equities have had a few challenging sessions in the past week, with top performers lower many times the index, as markets grapple with increasing uncertainty under the new regime,” said Steven Lubka, Swan Bitcoin’s head of private clients and family offices.

“This tension has seeped over into bitcoin and crypto markets.”

Additionally, the fall of Bitcoin was fueled by a powerful $760 million worth of leveraged long liquidations, confirming a loss of confidence in the $90,000 support zone. Although we are seeing some outflows from bitcoin exchange-traded funds (ETFs), experts are still debating whether that is a temporary correction or the onset of a protracted trend.

XRP Faces Heavy Selling Pressure

Ripple’s XRP token plunged below the crucial $2.50 support level on Thursday as broader market weakness and recent crypto industry setbacks sparked a fresh wave of selling pressure.

XRP is currently being sold at $2.29, a 6.6% decrease from the previous close. This follows a wider crypto market decline on account of macroeconomic uncertainty and recent security breaches such as the $1.5 billion hack on Dubai-based Bybit.

Ripple (XRP) was trading at around $2.29, down 5.09% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New Coin

Technical analysis indicates that XRP's price is now testing the lower boundary of a critical support zone ranging from $2.50 to $2.40. A clear break below this level could open the door for further price declines.

Moreover, XRP price is encountering resistance from a critical bearish trend line, where resistance is coming in at $2.4880, and this should facilitate further selling. If the downtrend continues, XRP should test the next support level at $2.10.

Investors are closely monitoring as sustained trading below $2.50 would generate additional selling pressure and a possible retest of lower support levels. Conversely, a bounce above this level could trigger a reversal and new bullish momentum.

Watch – XRP Price Analysis Video

Solana's Decline Raises Questions About Network Activity

Solana, a cycle favorite known for its high-speed blockchain and strong developer community, was not spared by the market collapse. The token slid by about 7%, with the price movement reflecting increased volatility.

Solana (SOL) was trading at around $142, down 5.42% in the last 24 hours at press time. Source: Brave New Coin

Despite the strong fundamentals of Solana, investors are highlighting network congestion and periods of downtime as key concerns.

Furthermore, the broader market decline has impacted high-growth altcoins like Solana, leading to a sharp price correction below $150. During the bear phase, SOL can test the lower critical support at $130 before stabilizing.

Watch – Solana Price Prediction Video

Dogecoin Plummets as Meme Coin Rally Fizzles Out

Dogecoin (DOGE), the leading meme coin, lost over 10% amid bearish sentiment in the market. The token, known for its surges on social media movements and celebrity endorsements like Elon Musk, failed to capitalize on recent waves of momentum.

Dogecoin (DOGE) price chart. Source: Brave New Coin

The meme coin market, which saw speculative fever trading at the