Bitcoin breaches $86,000 while sinking toward year’s lows

Market Overview - Bitcoin has dropped below $86,000 for the first time in two weeks, indicating a weakening investor sentiment as it enters deeper bear market territory [1] - The cryptocurrency has been trading within a range of $85,000 to $94,000, with low trading volumes and a lack of interest from investors [3] Price Movement - Bitcoin fell as much as 3.3% to $85,578 on Monday and is down approximately 30% from its all-time high of over $126,000 [2] - The decline in Bitcoin's price is occurring alongside other risk assets, breaking its usual correlation with market rebounds [4] Investor Behavior - Investors who purchased Bitcoin near its all-time high are selling off their holdings, contributing to the downward pressure on the price [2] - Michael Saylor's Strategy Inc. has continued to buy Bitcoin, acquiring nearly $1 billion for the second consecutive week, funded by sales of its Class A common stock [6][7] Broader Market Impact - Other cryptocurrencies, including Ether, Doge, and XRP, have also experienced declines of around 5%, with shares of crypto-related companies like Strategy and Coinbase Global Inc. dropping significantly [8] - The overall market sentiment is influenced by weakness in equity markets, with Bitcoin's sell-off aligning with broader market trends [5]