- Bitcoin fell to approximately $92,500, causing rapid shifts in market sentiment and expectations of further declines.
- Traders and professional desks were unprepared for Bitcoin’s weekly close below $100,000 and loss of its 50-week moving average.
- On-chain data reveals signs of market stress, including oversold momentum and realized losses, but long-term holders continue to sell.
- Ether dropped slightly to above $3,000, with a 15% weekly decline, while Gold dipped amid changing Fed rate expectations.
- Asia-Pacific stock markets fell following a tech selloff on Wall Street, with Japan’s Nikkei 225 declining nearly 1%.
Bitcoin slid to about $92,500 during U.S. trading hours, reflecting a nearly 2% daily decline and a 27% drop from last month’s record high. This sharp fall prompted one of the fastest shifts in Bitcoin Price predictions this year, as traders moved away from expecting mild weakness to pricing in a deeper structural downturn. Prediction markets such as Polymarket showed odds swinging strongly toward further declines by year-end.
Professional desks also caught off guard, as noted by QCP Group in a recent report, which highlighted that many were unprepared for Bitcoin’s weekly close below $100,000 or loss of the 50-week moving average. This event marks a significant cycle-level turning point that the market is still processing.
On-chain data from Glassnode shows several stress signals, including oversold momentum, heavy realized losses, and moderating outflows from Bitcoin ETFs. These factors suggest late-stage selling pressure while Bitcoin trades near previous bottom levels, according to Glassnode. However, CryptoQuant points out that realized losses remain nearly absent, with long-term holders still selling during price rallies, indicating the market has yet to see full capitulation.
Meanwhile, Ether stayed just above $3,000, down about 2% over 24 hours, extending its weekly drop to roughly 15%. Gold prices also declined by 0.3% to about $4,069 per ounce, pressured by reduced expectations of a Federal Reserve rate cut in December and a stronger U.S. dollar.
In equities, Asia-Pacific markets fell following a technology-driven selloff on Wall Street. Japan’s Nikkei 225 index dropped 0.92% as investors awaited earnings from NVIDIA and the upcoming September jobs report.
In additional crypto news, DappRadar closed operations due to an unsustainable financial environment. Vitalik Buterin described Ethereum as fundamentally different from Sam Bankman-Fried’s failed FTX exchange. The individual responsible for the Twitter hacks of Barack Obama and Jeff Bezos has agreed to repay over $5 million in stolen bitcoin (The Block).
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