Crypto Bloodbath: Bitcoin Loses $92K: Ethereum Slips $3K — Worst Drop in Months
Bitcoin plunged to a six-month low near $91,545, and Ethereum dropped below $3,000 amid broader market weakness and macroeconomic uncertainty.Summary
The cryptocurrency market experienced a significant downturn, with Bitcoin hitting a six-month low of $91,545 on Tuesday morning in Asia, erasing weeks of gains and falling 27% from its October high. Ethereum also fell below $3,000, while major altcoins like Solana and XRP saw sharp weekly declines. This crypto slump coincided with traditional markets, as the S&P 500 and Nasdaq posted their worst sessions in a month, influenced by investor anticipation of Nvidia's earnings and broader economic data.
A key technical event was the filling of a large Bitcoin CME futures gap near $92,000, which had been open since April 2025. While closing this technical overhang removes one downside target, overall demand remains weak, leaving the technical picture fragile.
Macroeconomic factors contributed to the stress, as a strong Empire State Manufacturing Index reduced expectations for a December Federal Reserve rate cut, shifting probabilities toward the Fed holding rates steady. On-chain signals suggest short-term holders are capitulating, though analyst Benjamin Cowen suggests Bitcoin could test the 200-week moving average between $60,000 and $70,000 in 2026, potentially after a relief bounce. Market sentiment is cautious, with put volume exceeding call volume, indicating traders are bracing for further downside.
(Source：BeInCrypto)