Bitcoin Falls Below $84K for the First Time in 3 Months, How Much Lower Can It Go?

After several hours of calmness at close to $89,000, bitcoin’s price trajectory took another turn for the worse and the asset plunged to its lowest level since November 11 of under $84,000.

Many altcoins have followed suit, including ETH and SOL, but LTC has defied the odds with a double-digit price surge on a daily scale.

The winds have definitely changed in the cryptocurrency market, and the bull run talks have vanished as BTC continues to bleed out. The asset stood above $99,000 last Friday but dumped below $90,000 on Tuesday.

In fact, it went to a multi-month low of $86,000 yesterday before it managed to recover some ground earlier today and tapped $89,000 on a few occasions. However, it faced another rejection at that level when the US trading hours arrived, and it plummeted to another multi-month low of $83,500 (for now) on Bitstamp.

There are multiple reasons that could be behind this sudden change of trajectory, such as Trump’s escalating trade wars with numerous countries and the concerns about the rising inflation in the States.

All of those possibilities have turned investors’ behavior upside down, especially when it comes down to BTC ETFs. As reported earlier today and over the weekend, the US-based spot Bitcoin ETFs have been in a dire state with consecutive outflows, including the adverse record set yesterday.

The deposits to exchanges have also shot up, which suggests more pain around the corner. Arthur Hayes, the co-founder of BitMEX, warned investors that BTC could plunge to a low of $70,000, which would essentially erase all the gains charted following the US elections.

Meanwhile, the entire market once again turned red in the past few hours. ETH, SOL, BNB, DOGE, XRP, ADA, XLM, AVAX, and many others have charted notable price losses. Consequently, the hourly liquidations have skyrocketed to $250 million, according to CoinGlass.

The post Bitcoin Falls Below $84K for the First Time in 3 Months, How Much Lower Can It Go? appeared first on CryptoPotato.