Bitcoin’s price took a sharp dive, dropping 6.3% to $90,800, after touching a historic high of $99,500 on November 22. This pullback isn’t driven by ETFs or institutional investors, but rather long-term holders, who sold off 128,000 BTC. On-chain data reveals US spot ETFs absorbed 90% of this selling pressure, highlighting robust market demand despite the drop.
External factors are adding to the turbulence. Donald Trump’s plans to hike tariffs on China, Mexico, and Canada have bolstered the US dollar, creating headwinds for Bitcoin and equity markets alike. Altcoins are also feeling the heat—Ethereum, Solana, XRP, and Dogecoin have posted sharp corrections, sliding between 5% and 10% in the past 24 hours.
However, it’s not all bearish. The broader bullish structure for Bitcoin and altcoins remains intact, with dips being bought aggressively—an encouraging sign of market resilience. The Greed and Fear Index, which recently hit extreme greed at 90+, has now cooled to 75, suggesting a healthier sentiment reset.
