Bitcoin Slides Amid Broad Market Weakness and Changing Sentiment
Bitcoin slid to about $92,500, roughly 2% lower on the day and 27% below last month’s high, triggering one of the fastest sentiment resets in prediction markets this year. Prediction markets such as Polymarket swung to price in further downside, viewing the move as a deeper structural break rather than a routine correction.
QCP warned that even professional trading desks were unprepared for a weekly close below 100,000 and the loss of the 50-week moving average, describing this as a cycle-level inflection. Glassnode data indicates oversold momentum, significant realized losses, and moderating ETF outflows, suggesting late-stage capitulation pressures as Bitcoin trades in a potential bottoming zone.
However, CryptoQuant argues that the market has yet to see the final element for a true bottom: realized losses remain near zero and long-term holders are still selling into strength. Meanwhile, Ether declined to around $3,000 with a weekly drop near 15%.
In other markets, gold traded around $4,069 per ounce, down about 0.3% amid fading expectations for a December Federal Reserve rate cut and a firming dollar. The Nikkei 225 index fell approximately 0.92%, as Asia-Pacific technology sector weakness weighed on markets ahead of key Nvidia earnings and upcoming September jobs data.
