Bitcoin dropped under $88,000 on Sunday, erasing around $135 million in crypto longs in the past hour amid renewed selling pressure across digital asset markets. The decline comes after Bitcoin retreated from a weekly high above $92,000 reached on January 19. The leading crypto asset traded at $87,743 at press time, down 1.5% on the day and nearly 8% over the past week.
Market sentiment has turned fearful, with the Fear & Greed Index registering a score of 25. Technical analysts point to a false breakout of the $95,938 resistance level as a catalyst for the current downtrend.
Without reversal signals, Bitcoin may test support at $86,561, with some forecasts suggesting a potential slide toward $80,000. The global crypto market cap has fallen to $3 trillion amid the broader selloff, which has also affected major altcoins such as Ethereum, Solana, and XRP. Ethereum and BNB declined by more than 2% in the past 24 hours, as XRP and Solana each slid over 3%.
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