Bitcoin (BTC-USD, Financial)) just crashed through $90,000, sliding nearly 20% from its all-time high on Trump's inauguration day. It's now hovering around $86,900 as selling pressure from equities spills into crypto. A wave of liquidations—over $610 million in the past 24 hours—has only added fuel to the fire. With equities under pressure and no immediate catalysts on the horizon, traders are in a “sell first, ask questions later” mood.

The recent Bybit hack isn't helping. The exchange lost nearly $1.5 billion in ether in what's being called one of the largest crypto heists ever. At the same time, political meme coins are unraveling. Trump's $TRUMP token—once hyped as a speculative favorite—has tanked over 80% from its highs. Argentina's $LIBRA coin followed a similar pattern, with early investors cashing out in what looked like a classic pump-and-dump. It's been a brutal few days for crypto traders already on edge.

Despite the chaos, some analysts see this as a much-needed reset rather than a full-blown reversal. Bitcoin's next major support sits between $70,000 and $75,000, where buyers are expected to step in. But for now, with equities wobbling and macro uncertainty looming, the market is stuck in wait-and-see mode. Without a fresh catalyst, Bitcoin could stay choppy in the near term—but when it does move, it won't be quiet.