Bitcoin Slips Below $93,000 Amid Crypto Market Weakness, Analysts See Potential Local Bottom
Bitcoin fell to a fresh six-month low, dropping below $93,000 to approximately $92,818.34. This marks a decline of 2.4% in the past 24 hours and about 13% over the past week, erasing its gains for 2025 and placing it roughly 27% below the high reached in October.
Ether similarly weakened, trading near $3,048, down 2% in 24 hours and 15% over the past week.
The weaker crypto market comes in the context of stronger-than-expected U.S. economic data, which has tempered expectations for Federal Reserve rate cuts. Notably, the Empire State Manufacturing Survey rose to 18.7, surpassing forecasts that predicted a fall to 6, which supports sentiment that the Fed will hold rates steady in December.
The Polymarket odds currently price in around a 55% chance of no rate cut, with CME FedWatch placing the probability of a pause near 60%. CME futures opened at $93,840, leaving an unfilled gap down to $91,970 from April that may exert further downward pressure on bitcoin.
Analysts from Bitfinex noted that the pace of realized losses appears to be stabilizing, an indication that a local bottom could form if short-term holders continue to capitulate. This pullback marks the third-largest since 2023 and the second-largest since the launch of U.S. spot bitcoin ETFs, suggesting a potential near-term bottom if current trends persist.
Crypto equities also suffered declines, with Coinbase, Circle, Gemini, and Galaxy all falling around 7%. Strategy (MSTR) dropped 4%, while BitMine (BMNR) and ETHZilla declined 8% and 14%, respectively.
Conversely, Hive Digital gained 10% following news that its HPC subsidiary formed an AI cloud partnership with Dell Technologies. IREN and Hut 8 also posted modest gains amid the broader market weakness.
