Bitcoin broke down again this week, directly falling below the $90,000 mark.

This drop came pretty sharply. Not long ago, it managed to climb back to the $94,000–$95,000 range, but now all those gains have been wiped out again. To be honest, this is already the second major pullback this month.

What’s happening in the market? Mainly a chain reaction of liquidations.

Across major trading platforms, forced liquidations totaled nearly $500 million, with long positions accounting for about $420 million—a large number of bullish investors were cleared out.

Apart from the technical chain reaction, the fundamentals aren’t looking great either. ETF inflows have noticeably slowed, and ongoing macroeconomic uncertainty is adding fuel to the fire. With multiple pressures piling up, market sentiment has turned cautious.

In the short term, whether $90,000 can hold remains to be seen. If it continues to break down, the next support level could be in a much lower range.