Author: Jesse Coghlan, CoinTelegraph; Compiled by Wuzhu, Golden Finance

Analysts at cryptocurrency exchange Bitfinex said that Bitcoin once fell below $91,000, after nearly 90 days of narrowness After the range of transactions, Bitcoin is at a "critical moment".

Analysts said in a February 24 Bitfinex Alpha report that Bitcoin was trading between $91,000 and $102,000 during the three months when market momentum stagnated, and “at nearly 90” The day's consolidation is still at a critical moment."

Analysts said: "The momentum required for a sustained breakthrough has been insufficient, which has resulted in a period of contraction and consolidation for almost all major crypto assets."

According to CoinGecko, Bit The currency has fallen more than 4.5% in the past 24 hours, hitting a low below $91,000 – the lowest price since the end of November. The broader cryptocurrency market has also fallen 8% over the past day, from more than $3.31 trillion to about $3.09 trillion.

CoinGlass data shows that the plunge in the cryptocurrency market has triggered a series of liquidations, with liquidation amounts exceeding $961.65 million in the past day, of which the long bets were $891.52 million and the short bets were $70.14 million.

Bitcoin long bets accounted for the largest share of liquidation, with liquidation exceeding $277 million in the past day.

Over the past day, Bitcoin long bets have led to the liquidation of the cryptocurrency market, with a total liquidation amount of nearly $1 billion. Source: CoinGlass

Bitfinex Analysts say Bitcoin is becoming increasingly correlated with traditional markets, and a major factor affecting the stagnant cryptocurrency market is that "a similar emergence in traditional financial markets." stagnation, and this stagnation is caused by "macro uncertainty".

The S&P 500 has dropped 2.3% over the last five trading days, while the Nasdaq Composite has dropped 4% over the same period. Bitfinex said, “Broader stock market suppression has affected risky assets including cryptocurrencies.”

Analysts added that institutional demand for Bitcoin through spot exchange-traded funds was also “significantly loosened.” ", as of the week ended February 21, the total outflow of funds per trading day was US$552.5 million.

Bitfinex said weaker consumer confidence and further rising inflation expectations pose a challenge to the overall U.S. economy.

The company noted that it will be on February 21stU.S. consumer confidence fell 10% in February from January to its lowest level in 15 months, reflecting “increasing concerns about inflation and economic uncertainty” that could Slow consumption.

Bitfinex analysts also said a series of tariffs proposed by President Trump “is increasing inflationary pressure” and offset some progress made in deflation in the past two years.