Bitcoin Falls Below Key Support Level

Bitcoin has faced significant volatility, recently dipping below $90,000, influenced by rising US Treasury yields and the US Department of Justice's plan to liquidate $6.5 billion in seized Bitcoin. This marks a sharp decline from its December 2024 high of $108,100, with a 15% drop attributed to investor caution and outflows from spot Bitcoin ETFs. Despite these challenges, Bitcoin remains up 42% since the US election, indicating resilience amidst broader market pressures. Meanwhile, XRP is navigating a consolidation phase as it awaits a crucial hearing related to its legal status with the SEC, which could significantly impact its market position. The overall cryptocurrency market is seeing net outflows in key tokens like Bitcoin and Ethereum, reflecting investor hesitance. As market conditions evolve, analysts are closely monitoring these developments for potential long-term impacts on cryptocurrency dynamics.