Bitcoin Plunges Below $86,000!

　　① During Asian trading hours on December 1, cryptocurrency prices fell sharply across the board, with Bitcoin dropping nearly 6%, Ethereum falling over 7%, and other tokens showing similar trends; ② Last week’s selling pressure eased slightly, just as people thought the sell-off was coming to an end, only to face a sharper decline this week; ③ Multiple negative factors are weighing on the market, with analysts warning that this is once again putting pressure on cryptocurrencies.

　　 During Asian trading hours on Monday (December 1), cryptocurrency prices experienced a broad sell-off, reigniting investor risk aversion. The previously stabilizing sell-off in the crypto space has once again become volatile.

　　 In early Asian trading, Bitcoin fell nearly 6% intraday, dropping below $86,000; Ethereum fell over 7%, declining to around $2,800; most other tokens followed a similar trend, with Solana, for example, falling 7.8%.

　　 After weeks of sustained selling pressure, the cryptocurrency market remains unstable. The sell-off began in early October, after Bitcoin hit an all-time high, during which approximately $19 billion in leveraged cryptocurrency positions were liquidated.

　　 In November, Bitcoin depreciated by a total of 16.7%, but a reduction in selling pressure last week allowed its price to recover to above $90,000. Just as it seemed the sell-off was subsiding, the market opened this week with an even sharper decline.

　　 Sean McNulty, Head of Derivatives Trading for Asia-Pacific at FalconX, noted, "Since the beginning of December, there has been significant risk volatility in the market. The biggest concerns are the extremely low inflows into Bitcoin ETFs (exchange-traded funds) and the absence of buyers at lower price points. We expect these structural headwinds to persist throughout this month. We view $80,000 as the next key support level for Bitcoin."