Bitcoin $BTC ( ▼ 3.44% ) slipped under $90,000 on Monday night for the first time since April, extending a month-long slide that wiped out all of its 2025 gains. It briefly hit $89,350, the lowest level since February, before bouncing back near $91,000. Not bad for a coin that was at a record $126,250 just six weeks ago.

The sell-off looks a lot like the rest of the market right now. Risk appetite is fading, speculative tech stocks are taking hits, and hedge funds are trimming exposure. Some investors are even using the drop for year-end tax loss harvesting, which adds more pressure on prices.

That’s pushed bitcoin into its worst month since the 2022 meltdown and its worst Q4 since 2018, even though November is usually its best month of the year. With fear gauges sitting in “extreme” territory, traders are already watching the next support zone around $86,000 to $88,000 if the slide keeps going.