Bitcoin, the largest cryptocurrency by market capitalization, traded as low as $89,931 on the 18th, a drop of 5.83% at one point.
It later rebounded to around $90,000, leaving the session down about 1.3% on the day.
The move marks the first breach of the $90,000 level in seven months.
Market observers attributed part of the decline to insider stock sales by Coinbase executives, which weighed on the company’s stock and broader market sentiment.
The weakness has also been linked to waning institutional demand and renewed concerns over AI-driven hype that have pressured high-risk assets.
Bitcoin’s price often tracks technology stocks, adding a layer of complexity to the move as the Nasdaq’s performance influences crypto markets.
Some analysts view the decline as aligned with the ongoing Bitcoin halving cycle, which reduces supply roughly every four years and has historically been followed by price volatility.
Additionally, the crypto fear-and-greed index stood at 11, signaling extreme fear.
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