Bitcoin Holds Near $89,000 as Analysts Frame Recent Decline as Normal Correction

Bitcoin traded around $89,000 as market analysts described the recent price decline as typical cycle behavior rather than a bearish reversal. Bloomberg ETF analyst Eric Balchunas noted the asset only retraced excess gains from 2024's 122% rally, maintaining its long-term growth trajectory. Data showed US-driven selling pressure initiated the December decline, which has since reversed.