Bitcoin Bearish Sentiment Climbs as BTC Price Slips Under $89K
Bitcoin’s failure to reclaim $90,000 has heightened bearish sentiment, with users on prediction market Myriad raising the probability of a drop to $69,000 from 22% to 30% within a day. Bitcoin fell 6.7% over the past week, trading around $89,000, as investor confidence waned. Market turbulence intensified after U.S. President Donald Trump’s policy announcements on Greenland and EU tariffs, resulting in $865 million in liquidations and a $2 billion overall wipeout. Open interest in Bitcoin derivatives has stagnated, highlighting a lack of new capital and contributing to choppy price action. Geopolitical uncertainty and a defensive investor stance are further pressuring the market, with gold absorbing demand as a preferred hedge. Altcoins like Avalanche have also suffered significant losses. Analysts characterize the current environment as risk repricing rather than panic and expect continued instability until renewed demand from major investors emerges.
