Bitcoin drops to a 3-month low below $90,000 in risk-off move.

Bitcoinhas fallen through the $90,000 level, weakened by sell pressure in equities as the crypto market awaits its next catalyst.

The price of bitcoin was last lower by 7% at $87,220, according to Coin Metrics. Earlier, it slid as low as $85,899.99, its lowest level since November.

“Equities have faced a few difficult sessions over the last week, with top-performing stocks down many times the index, as markets grapple with increased uncertainty under the new administration,” said Steven Lubka, head of private clients and family offices at Swan Bitcoin. “This pressure has spilled over into bitcoin and crypto markets.”

The S&P 500 on Monday posted a three-day losing streak as it failed to recover from last week’s sell-off, driven by concern over a slowing economy and sticky inflation.

Bitcoin’s descent triggered a wave of long liquidations, which forces traders to sell their assets at market price to settle their debts. Centralized exchanged have seen $614.5 million in long liquidations in the past 24 hours, according to CoinGlass.