Bitcoin Price News: New Lows Below $93K, but Local Bottom Could Be Near

Bitcoin slips below $93K as sentiment deteriorates and losses mount

Bitcoin has recently plunged to a six-month low, trading at around $92,538.91. This decline marks an extension of a multi-week retreat in the cryptocurrency market, as overall sentiment continues to weaken. Following a minor recovery from its overnight lows, Bitcoin resumed its downward trend during the U.S. trading session, falling to $92,500. This represents a decrease of 2.4% over the past day and nearly 13% over the past week. The largest cryptocurrency has now wiped out all its gains for 2025, having dropped 27% from its all-time high just over a month ago.

Meanwhile, Ethereum is also feeling the pressure, hovering just above $3,000, down 2% in the last 24 hours and 15% for the week. The bearish trend has affected crypto-related equities as well, with major players like Coinbase, Circle, and Gemini seeing declines of around 7%. Other companies linked to digital assets have also faced downtrends; for instance, MicroStrategy, the largest corporate holder of Bitcoin, fell 4% to its lowest point since October 2024.

Impact on crypto-related equities and mining stocks amid market decline

The downturn in Bitcoin's price has spilled over into equities associated with the cryptocurrency sector. Companies like Upexi and Solana Company have experienced significant drops, with Upexi falling 10% and Solana Company down 7%. However, there is a silver lining for some Bitcoin miners, particularly those connected to high-performance computing and artificial intelligence. Hive Digital, for example, saw a 10% increase in its stock price after announcing a partnership with Dell Technologies for AI cloud services. Other mining firms, such as IREN and Hut 8, also reported modest gains.

Federal Reserve rate cuts and economic indicators affect market outlook

The ongoing government shutdown has limited the release of official economic statistics, leading to increased attention on less prominent reports. One such report, the New York Federal Reserve’s Empire State Manufacturing Survey, showed an unexpected rise of eight points, reaching 18.7. This figure is significantly higher than analyst predictions, which anticipated a decline to 6. The surprising uptick could bolster the argument for the Federal Reserve to maintain interest rates at their current levels during its upcoming meeting in December, rather than implementing cuts as the market had previously expected.

Traders on Polymarket are currently assigning a 55% probability that the federal funds rate will remain unchanged in December, while the CME FedWatch Tool indicates a slightly higher probability of around 60% for a pause in rate adjustments. Analysts are noting that Bitcoin futures on the Chicago Mercantile Exchange opened at $93,840, creating a gap to $91,970 that remains unfilled. This gap is often a target for Bitcoin, which could add downward pressure in the short term.

Potential local bottom signals amid technical analysis of market trends

Despite the current decline, some analysts are suggesting that Bitcoin may be nearing a local bottom. Observations from Bitfinex analysts indicate that the rate of realized losses is beginning to stabilize. This could signal an upcoming rebound for Bitcoin, as the market appears to be approaching a threshold where short-term holders capitulate into losses. Historical patterns suggest that sustainable market bottoms typically form only after such capitulation occurs.

Analysts have pointed out that this current pullback is the third-largest since the beginning of 2023 and the second-largest since the launch of U.S. spot Bitcoin ETFs. They argue that a local bottom could materialize relatively soon, contingent on whether the capitulation phase can alleviate the remaining selling pressure. As the market navigates through these turbulent waters, many are keenly observing the developments that could shape the future of Bitcoin and the broader cryptocurrency landscape.