Bitcoin Falls Below $93,000, Erasing 2025 Gains Amid Bearish Sentiment
Bitcoin fell below $93,000, around $92,123, marking a 2.3% daily drop and 13% decline over the week, effectively erasing its gains for 2025. The price breached the 50-week moving average and closed weekly under $100,000 for the first time since May 4.
The $92,000 level is seen as a key support aligned with an unfilled CME gap, which offers potential for a short-term bounce. However, upside is limited due to overhead supply and weak liquidity in the market. In the past 24 hours, Bitcoin derivatives liquidations reached approximately $335 million, contributing to total crypto liquidations of about $725 million, while BTC trading volume was around $114 billion.
QCP Capital analysts noted that breaking the 50-week moving average and closing under $100,000 has reinforced a cautious market tone. The prevailing four-year cycle narrative, which follows halvings approximately every four years followed by a 12 to 18-month drawdown, suggests that after the April 2024 halving, Bitcoin was approaching the end of this window in October. However, some analysts now view this endpoint as delayed rather than complete.
Macro uncertainties and a slow recovery of liquidity may cap any potential rebound despite the unfilled CME gap and support around $92,000. Prediction-market data from Myriad indicates about a 63% probability that Bitcoin could drop to $85,000 before advancing toward $115,000, reflecting a predominantly bearish sentiment in the market.
