Bitcoin Price Plunges to $94,000, Hitting Six-Month Low as Macro Fears Mount
Bitcoin's price dropped to a six-month low near $94,000 due to collapsing Federal Reserve rate cut expectations and long-term holder selling.Summary
The Bitcoin price plummeted to a six-month low, trading between $94,000 and $97,000, falling significantly from its October high of $126,296. This decline is attributed to mounting macroeconomic fears, specifically the collapsing probability of a December Federal Reserve rate cut, which has caused a broad sell-off in risk assets. Compounding this pressure is internal market activity, including the largest exodus of long-term holders since early 2024, selling an estimated 815,000 BTC in the last 30 days, alongside significant outflows from U.S. spot Bitcoin ETFs. Analysts note that the price is testing critical support near $94,000, which aligns with JPMorgan's estimate of Bitcoin's current production cost. While sentiment is weak, 72% of circulating Bitcoin remains in profit, and some analysts view the selling as typical late-cycle profit-taking rather than panic.
(Source：Bitcoin Magazine)