Crypto Markets See Sharp Declines Amid Bear Phase and Macro Uncertainty
Bitcoin fell below $100,000, dropping to $96,600 in early Asian trading, breaking the monthly mid-range and clearing a key liquidity shelf. Ether slid to about $3,182, down 0.8% on the day and 12% over the week. XRP declined about 8.8% week-to-week to around $2.25. Solana (SOL) dropped about 16.5% over the week to roughly $140, trading near $141.64. Other major tokens included Cardano near $0.491, DOGE around $0.1617, and TRX about $0.292.
Market fundamentals have deteriorated as ETF inflows slowed for a second straight week, with long-term holders selling and retail flows depressed. According to 10x Research, the market is in a bear phase characterized by the loss of structural support from funds, corporates, and ETF issuance. The technical outlook points to near-term support between $93,000 and $95,000 for Bitcoin; a break below this could target $89,600, while resistance levels stand at $100,200 and $107,300. The overall liquidity trend remains downward.
This market activity occurs amid a broader macroeconomic backdrop, with the Federal Reserve expected to pause rate changes in December while awaiting FOMC minutes. Additionally, government shutdown uncertainty adds to market apprehension. Bitcoin has erased roughly 30% of its yearly gains after peaking at $126,251 on October 6, including a dip below $93,700 before bouncing.
