BTC Dips Below $93K as Market Pressure Mounts, but Short-Term Support May Hold, Experts Say

Bitcoin Hits Six-Month Low as Crypto Stocks Slide, Analysts Eye Local Bottom

Bitcoin (BTC) fell to a fresh six-month low on Monday, continuing its multi-week decline and wiping out all year-to-date gains. BTC dropped to $92,500 in the U.S. session, down 2.4% over 24 hours and nearly 13% for the week, marking a 27% decline from its record high just over a month ago. Ether (ETH) held slightly above $3,000, off 2% in the past day and 15% for the week, reflecting persistent market weakness.

Crypto Equities Under Pressure

The bearish sentiment extended to crypto-related stocks. Coinbase (COIN), Circle (CRCL), Gemini (GEMI), and Galaxy (GLXY) fell roughly 7%, while corporate crypto treasuries also declined. Strategy (MSTR), the largest corporate Bitcoin holder, slid 4% to its lowest since October 2024. Ether-focused treasuries BitMine (BMNR) and ETHZilla dropped 8% and 14%, while Solana-linked Upexi (UPXI) and Solana Company (HSDT) fell 10% and 7%.

Miners with AI and high-performance computing exposure fared better. Hive Digital (HIVE) surged 10% after its HPC subsidiary announced an AI cloud partnership with Dell Technologies. IREN (IREN) and Hut 8 (HUT) posted modest gains.

Macro Developments

With official economic data limited due to the government shutdown, even minor reports gained attention. The New York Fed Empire State Manufacturing Survey unexpectedly rose eight points to 18.7, exceeding forecasts for a drop to 6. The upside surprise increases the likelihood that the Fed will hold rates steady in December, with Polymarket assigning 55% odds of no change and CME FedWatch Tool around 60%.

Technical Outlook

Bitcoin futures on the CME opened at $93,840 on Sunday, leaving an unfilled gap at $91,970 from April, a level that may create short-term downward pressure. Bitfinex analysts noted that realized losses are beginning to stabilize, suggesting a potential local bottom. “Sustainable bottoms historically form after short-term holders capitulate into losses,” they said, noting this is the third-largest pullback since 2023 and the second-largest since U.S. spot BTC ETFs launched.

Analysts suggest that Bitcoin could be approaching a local low, with near-term resilience dependent on whether remaining sell-side pressure is exhausted.