The crypto market is having what you might call a rough day. Bitcoin (BTC) has dropped below $90,000, currently sitting at $89,033, and it's not alone in the pain. The broader market is seeing red across the board as uncertainty continues to weigh on sentiment.

Here's where things stand for major cryptocurrencies:

The Damage Report:

When prices move this sharply, leveraged traders get crushed. According to Coinglass data, 163,838 traders were liquidated in the past 24 hours, wiping out $538.08 million. That's real money evaporating because positions got too aggressive on the way up.

Not everything is bleeding, though. In the past 24 hours, top gainers include Starknet, MYX Finance, and Pi, proving there's always someone having a good day even when the market's having a bad one.

What's Driving The Pressure:

The headlines aren't helping sentiment. BlackRock's Bitcoin ETF just shed a record $520 million, raising questions about institutional appetite. Meanwhile, Kraken has confidentially filed for an IPO targeting a $20 billion valuation, and Coinbase executives are admitting donations to maintain good relations with the Trump White House.

Cardano's Charles Hoskinson has warned that the Trump-era crypto boom was "a rib-crushing hug," and some analysts are asking whether Bitcoin could crash to $10,000 if it follows the 2018 pattern.

What The Traders Are Saying:

Scott Melker pointed out that Bitcoin has finally retested the March trendline support near $88,000, almost to the dollar. Whether or not this marks the bottom, he argues the zone represents a compelling long-term accumulation level for those thinking beyond the next few weeks.

Altcoin Sherpa sees another leg down as possible, noting $85,000 isn't far below current levels and lines up with significant volume profile support, making it a realistic next target if weakness continues.

Lark Davis offered a bigger-picture take: according to the classic four-year cycle model, Bitcoin has officially slipped into bear-market territory. That leaves two possible explanations. Either the cycle model is breaking down, or Bitcoin has quietly entered a new bear phase.

Given today's liquidity backdrop, institutional depth, and how the market structure has matured, Davis believes it's far more likely the four-year cycle is becoming obsolete rather than Bitcoin beginning a traditional bear market. The game has changed, in other words, and the old playbook might not apply anymore.

For now, the market waits to see if $88,000 holds or if we're heading down to test that $85,000 support level next.