Bitcoin (BTC) price today slipped below $88,000, reversing gains made during the Asian trading session, as broader risk-off sentiment hit crypto markets. At the time of writing, BTC to PKR is trading around PKR 24.5 million, reflecting fresh pressure after Bitcoin briefly moved above the $90,000 level earlier in the day.
Bitcoin fell to around $87,486, pulling back from its intraday high and ending a short-lived recovery rally. The decline also dragged major altcoins lower, with Ethereum, XRP, Solana and Dogecoin giving up earlier gains. The broader crypto market mirrored Bitcoin’s weakness, as traders shifted to a more cautious stance.
The pullback in Bitcoin aligned with a drop in Nasdaq futures, which were down about 0.5%, highlighting the strong positive correlation between tech stocks and BTC during market downturns. Analysts note that Bitcoin tends to weaken when U.S. equity markets signal risk aversion, particularly during Nasdaq-led declines.
Market data shows traders trimming leveraged positions. Global Bitcoin futures open interest declined to around 533,000 BTC, down from nearly 540,000 BTC earlier in the day. This suggests investors are reducing risk exposure amid uncertainty and year-end positioning.
According to Laser Digital analysts, Bitcoin has recently underperformed during U.S. trading hours, likely due to tax-loss harvesting pressure, while Asian sessions have shown relative strength.
Despite near-term weakness, some analysts remain constructive. Elliott Wave expert and Ledn CIO John Glover said:
“The Bitcoin price chart looks very promising for higher prices in the future, but there is less certainty in the near term. I expect sideways to slightly lower movement before the next leg higher.”
With Bitcoin trading below key resistance levels, short-term price action may remain volatile. However, analysts believe sustained stability above major support zones could set the stage for a renewed bullish move, keeping BTC to PKR firmly in focus for local investors.