Bitcoin drops below $89000 ✂️

Bitcoin falls another 3.15% to $88,400, extending losses from late yesterday. The declines occur without a clear catalyst, likely resulting from multiple factors.

The Bitcoin crash began on Friday after news of a record-breaking theft from ByBit. At that moment, Bitcoin started falling from around $98,000. The Lazarus Group, linked to North Korea, stole nearly $1.5 billion in Ethereum during ByBit’s routine transaction process, which involved moving funds to another wallet using multisig transactions.

Although ByBit announced over the weekend that it had recovered nearly 100% of the stolen funds, investor confidence in the crypto market has been significantly shaken.

Today's losses extend the weekend’s events and are also influenced by weak sentiment in the stock market. Bitcoin has remained above $90,000 since late November, repeatedly testing its lower boundary. The key level to watch today is a daily candle close above $90,000, which would support continued consolidation and a potential rebound. The next support targets are $89,000, followed by $85,000.

Source: xStation 5