The risk-sensitive cryptocurrency has wiped out its 2025 gains and now sits nearly 30% below its October peak of more than $126,000, News.Az reports, citing Reuters.
In Tuesday’s Asia afternoon trade, Bitcoin was down 2% at $89,953, after breaking through key chart support around $98,000 last week.
Market participants said a combination of doubts around future U.S. interest rate cuts and the mood in broader markets, which have wobbled after a long rally, was dragging down crypto.
"The cascading selloff is amplified by listed companies and institutions exiting their positions after piling in during the rally, compounding contagion risks across the market," said Joshua Chu, co-chair of the Hong Kong Web3 Association.
"When support thins and macro uncertainty rises, confidence can erode with remarkable speed."
Crypto stockpilers such as Strategy, miners such Riot Platforms and Mara Holdings and exchange Coinbase have all slid with the souring mood.
Markets were down across Asia on Tuesday, with particular pressure on technology shares in Japan and South Korea.
Cryptocurrency ether has also been under pressure for months and has lost nearly 40% of its value from a peak above $4,955 in August to trade 1% lower at $2,997 on Tuesday.
A bitcoin drawdown at the start of the year presaged a broader selloff that hit equities in April, after the announcement of U.S. tariffs, leading to some nerves that the tumble in crypto could be a leading indicator or ripple outward.
"All in all sentiment is pretty low in crypto and has been since the leverage wipeout of October," said Matthew Dibb, chief investment officer at Astronaut Capital.
"The next level of support is $75k, which could hit if volatility in markets remains high."
