Bitcoin fell to a six-month low of $91,545 on Tuesday morning in Asia, breaking key support. Ethereum also fell below $3,000, highlighting widespread market weakness.
The cryptocurrency slowdown aligned with traditional markets, which endured their worst session in a month.
Market crash wipes out weeks of gains
Bitcoin lost 3.21% on November 17, dropping its value by 27% from its October all-time high. Ethereum recorded a deeper drop of 4.22% to $2,978. Major altcoins also saw sharp weekly declines. Solana fell 22.51%, XRP fell 16.73%, and Cardano fell 22.12% during the seven-day period.
The losses extended beyond cryptocurrencies. The S&P 500 fell 61.70 points to 6,672.41 and the Nasdaq fell 192.51 points to 22,708.07. Both closed below their 50-day moving averages, ending streaks not seen since 2007 and 1995.
The Dow Jones Industrial Average fell more than 550 points as investors anticipated Nvidia’s earnings. Technical analysts viewed the breakouts as short-term bearish, focusing on the 200-day average as support. Money moved into healthcare and energy, while retail investors reduced risk.
Bitcoin CME Gap Closes After Seven-Month Overshoot
A major technical event developed as Bitcoin filled the last major CME futures gap near $92,000. The gap, open since April 2025, was due to the CME’s weekend close while spot exchanges continued trading. These price gaps typically fill, removing technical excess, although this does not guarantee a price reversal.
Cryptocurrency trader DaanCryptoTrades confirmed the closure on social media, noting that the risk had been eliminated. Despite removing a bearish target, weak demand could still lead to further declines. The technical outlook remains fragile.
Traders now find themselves at a crossroads. With the gap closed, there is less immediate risk below, but the price action remains weak. Volatility and liquidity responses in the coming sessions will determine whether Bitcoin loses momentum to slide down or form a base.
Macroeconomic headwinds and uncertainty over Fed rate cut
Broader economic signals increased tension in the market. The Empire State Manufacturing Index rose to 18.7, up 8 points from the previous month. This strong result reduced the chances of a Federal Reserve rate cut in December. Market odds changed: Polymarket put the chance of no cut at 55%, while CME Group data pointed to a 60% chance of no policy change.
Research firm 10X Research said new buyer activity plateaued around October 10. More hawkish signals from the Federal Reserve added pressure. Their analysis warned that conditions remain vulnerable to further liquidations.
The industry sentiment index approached recent lows, reflecting shaken market psychology. The options data highlighted one change: Sales volume exceeded call volume in the past day, even as calls typically dominate. This change signals traders to prepare for further declines or bet on a decline.
Chain signals point to capitulation phase
On-chain analysis from Glassnode and Bitfinex showed that realized losses were stabilizing, suggesting that short-term holders are capitulating. History indicates that market lows often follow waves of selling by those who bought at recent highs. However, a lasting recovery requires long-term accumulation.
Analyst Benjamin Cowen suggested that Bitcoin could test the 200-week exponential moving average between $60,000 and $70,000. However, he also noted that a relief recovery is possible first. Analyst forecasts vary, reflecting current uncertainty and the possibility of a near-term rebound amid notable technical damage.
Bearish projections emerged on social networks. Roman Trading cited $76,000 as the next support level, citing broken patterns and weakened momentum. While these are individual opinions, they show that traders fear more downsides.
The coming days will reveal whether Bitcoin can hold above $90,000 or if sellers increase the pressure. Economic data, central bank commentary and institutional flows will likely dictate direction. For now, risk remains elevated as both bulls and bears wait for clearer signals.
The post Crypto Bloodbath: Bitcoin Loses $92,000 – Ethereum Loses $3,000 – Worst Drop in Months appeared first on BeInCrypto.
