Bitcoin, the leading digital asset, tumbled below key support levels, wiping out recent gains and reigniting bearish concerns. The downturn comes amid broader market weakness, macroeconomic uncertainties, and shifting investor sentiment.The crypto market crash resulted in over $1.48 billion in liquidations, with $1.37 billion coming from long positions, according to data from Coinglass. This suggests that leveraged traders were caught off guard by the sudden shift in sentiment.Bitcoin Price Sinks Below $90,000, Hits Three-Month LowBitcoin’s price has declined sharply below the $90,000 mark, its lowest since three months ago. The cryptocurrency dipped to $87,220, a 7% decline from previous levels, and even plunged as low as $85,899.99, the lowest since November 2024. This sharp drop comes as the crypto market deals with sell pressure from equities markets and general macroeconomic uncertainty.Bitcoin has lost about 20% from its record high, set on the inauguration day of President Donald Trump, as per Coin Metrics. Analysts point to Bitcoin’s recent collapse as having a correlation with greater market volatility.Bitcoin (BTC) was trading at around $88,899, down 5.89% in the last 24 hours at press time. Source: Bitcoin Liquid Index (BLX) via Brave New Coin“Equities have had a few challenging sessions in the past week, with top performers lower many times the index, as markets grapple with increasing uncertainty under the new regime,” said Steven Lubka, Swan Bitcoin’s head of private clients and family offices. “This tension has seeped over into bitcoin and crypto markets.”Additionally, the fall of Bitcoin was fueled by a powerful $760 million worth of leveraged long liquidations, which confirmed a loss of confidence in the $90,000 support zone. Although certain outflows of Bitcoin exchange-traded funds (ETFs) are seen, experts are still debating whether or not that is a temporary correction or the onset of a protracted trend.XRP Faces Heavy Selling PressureRipple’s XRP token has also plunged sharply, falling below the crucial $2.50 support level. XRP is currently trading at $2.29, down 6.6% from the previous close. This fall follows a wider crypto market decline on account of macroeconomic uncertainty and recent security breaches such as the $1.5 billion hack on Dubai-based Bybit.Ripple (XRP) was trading at around $2.29, down 5.09% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New CoinTechnical analysis points towards XRP’s break below the $2.50 support as bearish momentum. A critical bearish trend line has been established, where resistance is coming in at $2.4880, and this should facilitate further selling. If the downtrend continues, XRP should test the support level at $2.10.Investors are closely monitoring as sustained trading below $2.50 would generate additional selling pressure and a possible retest of lower support levels. Alternatively, a bounce above this level would trigger a reversal and fresh bullish momentum.Watch – XRP Price Analysis VideoSolana’s Decline Raises Questions About Network ActivitySolana, a cycle favorite with its high-speed blockchain and strong developer community, was not spared the market collapse. The token declined by about 7%, with price movement reflecting increased volatility.Solana (SOL) was trading at around $142, down 5.42% in the last 24 hours at press time. Source: Brave New CoinDespite the strong fundamentals of Solana, network congestion and periodic downtime have been a point of concern among investors. Moreover, the broad market decline has impacted high-growth altcoins like Solana, leading to a sharp price correction below $150. During the bear phase, SOL can test the support level at $130 before steadying.Watch – Solana Price Prediction VideoDogecoin Plummets as Meme Coin Rally Fizzles OutDogecoin, the leading meme coin, lost over 10% amid bearish sentiment in the market. The token, which used to jump on social media movements and celebrity endorsements from the likes of Elon Musk, was unable to take advantage of recent waves of momentum.Dogecoin (DOGE) price chart. Source: Brave New CoinThe meme coin market, which saw speculative fever trading at the start of the year, appears to be running out of steam as investors shift attention to risk-free assets. Dogecoin’s journeys to the $0.20 support level reflect the general trend of profit-taking and reduced risk appetite among investors.Watch – Dogecoin Price Prediction VideoWhat Triggered the Crash?Several factors contributed to the sell-off, ranging from macroeconomic uncertainty to industry-specific risks. Analysts point to the correlation between Bitcoin and traditional markets as the recent downturn in U.S. equities spilled over into crypto.The crypto market crashed after Trump announced tariffs on Mexico and Canada, raising inflation fears. Source: Cas Abbé via X“Equities have faced a few difficult sessions, with top-performing stocks seeing significant losses,” said Steven Lubka, head of private clients at Swan Bitcoin. “This pressure has spilled over into Bitcoin and crypto markets.”Additionally, geopolitical concerns and economic data have weighed on investor sentiment. Rising U.S. Treasury yields, weak economic indicators, and uncertainty surrounding future Federal Reserve policies have prompted many traders to adopt a risk-off approach.Aurelie Barthere, a principal research analyst at Nansen, noted that Bitcoin’s decline follows a broader trend of risk assets retreating. “BTC is now breaking lower following other token prices,” she said, citing recent incidents like the Bybit hack and the LIBRA scam that have further dampened risk appetite.Tariffs, Inflation, and Market JittersBeyond near-term market trends, Trump’s proposed tariffs on Canada and Mexico have awakened fears of global economic instability. Investors are concerned that such policies may lead to supply chain disruptions and economic growth slowdowns that would create a ripple effect for crypto markets.President Trump announces a 25% tariff on Canada, effective March 4th. Source: America In Focus via XIn the meantime, inflation is also a prime worry. The Consumer Price Index (CPI) rose 0.5% in January, which was more than anticipated and revived fears that the Federal Reserve will push against interest rate cuts. Traditionally, Bitcoin has been viewed as an inflation hedge, but short-term uncertainty has brought widespread volatility.“The market was very optimistic about a crypto-friendly government from November to January,” Joel Kruger, a market strategist at LMAX Group, said. “Now it’s a question of waiting for the next catalyst.”Could a Rebound Be on the Horizon?Despite the grim picture, some analysts believe the correction is temporary. Bitcoin has historically seen sharp pullbacks even in bull markets, and many traders see this as a routine shakeout before further gains.Bitcoin (BTC) could rebound from the current support near $86,000 and retest the critical resistance at $95,000. Source: TK2YTK2Y on TradingView“There is room for Bitcoin to go back down towards the $70,000 to $75,000 area without compromising the long-term outlook,” Kruger noted. “We suspect that demand will emerge at those levels.”Lubka also expects the market to stabilize, predicting that Bitcoin will resume its upward trajectory by mid-March. With potential catalysts like the Nvidia earnings report and upcoming U.S. inflation data, traders are watching closely for signs of renewed momentum.For now, the market remains on edge, but long-term investors see this downturn as an opportunity rather than a sign of doom. As history has shown, Bitcoin and the broader crypto market have weathered worse storms before.