Bitcoin Price Drops Below $88000 as Nasdaq Futures Wilt Under Selling Pressure

Your crypto portfolio just took a hit. Bitcoin has reversed its early Asian session gains, sliding below the $88,000 mark as Nasdaq futures signaled a cautious start for Wall Street. The move has dragged major altcoins lower, wiping out recent recovery rallies.

What's Behind the Bitcoin Price $88000 Breach

According to CoinDesk data, the leading cryptocurrency peaked briefly above $90,000 before losing steam. The decline aligns with a 0.5% drop in tech-heavy Nasdaq 100 futures. Analysts at Laser Digital point to 'year-end tax harvesting' as a primary culprit, where investors sell underperforming assets to offset capital gains taxes.

Whales Accumulate While Retail Panics

Despite the price drop, major players aren't flinching. Glassnode data shows that the cohort holding 1,000 to 10,000 BTC has been actively accumulating over the past few weeks. In contrast, smaller entities with fewer than 1,000 BTC are net sellers, reflecting capitulation as the market sentiment remains in 'extreme fear'.