Bitcoin experienced a significant decline, falling below the $90,000 mark to approximately $87,630. This downturn was influenced by multiple factors including the breakout from an ascending broadening wedge pattern. Additionally, geopolitical issues such as Trump’s proposed tariffs on Canada and Mexico contributed to the market instability.
Further exacerbating the situation was a $1.5 billion hack on the Bybit platform, adding pressure to the already volatile crypto market. Furthermore, Bitcoin ETFs saw major outflows totaling over $500 million for the second week in a row, impacting market sentiment negatively.