Bitcoin marked a significant downturn on Nov. 17, slipping below the $93,000 threshold for the first time in six months and erasing all of its 2025 gains. The multi-week retreat accelerated during U.S. trading hours as broader risk sentiment soured, with BTC down 2.4% in the past 24 hours and roughly 13% over the past week. Ether also came under pressure, hovering slightly above $3,000 and off 15% on the week while other major altcoins echoed similar declines.
Market participants pointed to a series of unexpectedly strong U.S. economic reports, including a jump in the New York Fed’s Empire State Manufacturing Survey, which rose eight points to 18.7 versus forecasts of a pullback to 6. This data bolstered the case for the Federal Reserve to hold rates steady at its December policy meeting, rather than pursue cuts, shifting short-term rate expectations lower and weighing on risk assets.
On-chain analytics and derivatives metrics reinforced the bearish narrative. Open interest on CME Bitcoin futures revealed a persistent bid below $94,000, while funding rates on major exchanges swung negative. Bitfinex analysts highlighted that realized losses among short-term holders were peaking, suggesting that the market might approach a short-lived floor as less committed investors capitulate. Historical patterns indicate that sustainable BTC bottoms often materialize after this phase of forced selling exhausts liquidity.
Crypto-linked equities suffered alongside digital assets. Shares of Coinbase, Circle, Gemini and Galaxy slumped approximately 7%, while strategy-focused firms such as MicroStrategy and BitMine witnessed notable drawdowns. Conversely, select Bitcoin mining outfits tied to high-performance computing or AI infrastructure, including Hive Digital and Hut 8, posted modest gains amid sector-specific partnerships and diversification strategies.
Looking ahead, technical chartists identified a key CME futures gap near $91,970 as a potential magnet for price action, reinforcing downside risks before a dependable rebound. Market sentiment remains fragile, with politicized debates on digital asset regulation and macroeconomic uncertainty continuing to influence positioning. Nonetheless, the confluence of forced selling, macroeconomic repricing and technical oversold conditions may align shortly to form a local trough. Traders and institutional investors are advised to monitor liquidity metrics and realized loss rates as indicators of a possible stabilization in Bitcoin’s price trajectory.
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