BTC USD price today falls below $88,000: Why Bitcoin retreats from $90,000, dragging XRP, ETH, SOL lower after Asian rally fades

Bitcoin price today: Bitcoin price slipped on Monday, reversing gains made earlier in Asian trading and stalling a tentative recovery across major alternative cryptocurrencies.

Bitcoin price (BTC USD) today slips below $88,000 after Asian-session rally fades

The world’s largest cryptocurrency by market value fell below the $88,000 mark after briefly climbing above $90,000, as per a report. The pullback in bitcoin weighed on the broader crypto market, with major altcoins such as XRP, ether, solana and dogecoin also giving up earlier advances, as per a CoinDesk report.

Altcoins retreat as Bitcoin price USD pullback weighs on crypto market

The CoinDesk 20 Index (CD20), which tracks the performance of the largest digital assets, retreated to 2,726, roughly the same level seen in early Asian trading before it briefly jumped to 2,789.


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Weak US stock futures add pressure to crypto prices

The downturn in cryptocurrencies mirrored weakness in traditional markets. Futures linked to Wall Street’s tech-heavy Nasdaq 100 Index were trading 0.5% lower, signaling a cautious start to the US trading session, as per the CoinDesk report. Market maker Wintermute has previously noted that Bitcoin and the Nasdaq tend to share a strong positive correlation, particularly during Nasdaq downtrends.

Traders reduce leverage as Bitcoin futures open interest falls

As prices eased, traders appeared to trim their leveraged positions. Data from Coinglass showed cumulative open interest in Bitcoin futures worldwide slipped to around 533,000 BTC, down from about 540,000 BTC earlier in the day. Open interest had risen from 524,000 BTC when Bitcoin rallied toward $90,000.

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BTC USD underperforms during US trading hours

Bitcoin has also shown a pattern of underperformance during US trading hours in recent sessions, as per the CoinDesk report. Analysts at the firm pointed to selling pressure linked to year-end tax harvesting as a possible reason, as per the CoinDesk report.

Year-end tax harvesting adds selling pressure on BTC USD, ETH

Laser Digital analysts wrote that, "An interesting trend to take note of has been the distinct underperformance during the US timezone. (both BTC, ETH down 3%+ over US hours [last week] offset by strength during Asian hours) driven most likely by selling pressure coming from the year-end tax harvesting flow as crypto has been a large underperformer among global assets this year," as quoted by CoinDesk.

Bitcoin price bullish long-term outlook

Despite the near-term pullback, some market observers remain constructive on Bitcoin’s broader outlook. John Glover, an Elliott wave expert and chief investment officer at crypto lender Ledn told CoinDesk "The Bitcoin price chart looks very promising for higher prices in the future, but less certainty in the near term. I continue to look for the market to trade sideways to slightly lower in the coming weeks/months, and look to add to longs between $71k and $84k," as quoted by CoinDesk.

FAQs

Why did BTC USD price fall today?

Bitcoin slipped as early gains faded and broader market weakness weighed on risk assets.



Did Bitcoin price cross $90,000 today?

Yes, Bitcoin briefly traded above $90,000 before reversing lower.