Institution states that the cryptocurrency market has officially entered a bear market phase and the next key support level for Bitcoin is around $93,000 USD.

According to the Wise Financial APP, Bitcoin once again fell below the $100,000 mark on Thursday, with a significant weakening against the backdrop of deteriorating risk sentiment on Wall Street and heavy selling of tech stocks. Bitcoin fell as much as 3.9% during the session, touching $97,956. Since early October, it has evaporated over $450 billion in market value. Key buyers such as large funds, ETF allocation institutions, and corporate treasuries that have supported Bitcoin this year have all withdrawn, leading to a rapid shift in the market towards fragility.