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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 the overall weakness of the market.
The decline in cryptocurrencies coincides with traditional markets enduring their worst session in a month.
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The market crash wipes out weeks of gains
Bitcoin lost 3.21% on November 17, reducing its value by 27% from its peak in October. Ethereum recorded a deeper decline of 4.22% to $2,978. As I have seen Alternative currencies There were also strong falls during the week. Solana decreased by 22.51%, andXRP It fell by 16.73%, and Cardano fell by 22.12% in a period of seven days.
The losses extend 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 a streak not seen since 2007 and 1995.
The Dow Jones Industrial Average fell more than 550 points as investors anticipated Nvidia’s earnings results. Technical analysts saw these rallies as bearish in the short term, focusing on the 200-day moving average as support. Money moved into the health and energy sectors as retail investors reduced risks.
Bitcoin’s CME gap closes after a seven-month accumulation period
A major technical event occurred when Bitcoin covered the recent large CME futures contract gap near $92,000. This gap, open from April 2025, was caused by the weekend closure of the CME while trading continued on the spot exchanges. These price areas are usually closed, which removes technical obstacles, but this does not guarantee a price reversal.
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DaanCryptoTrades cryptocurrency trader confirmed closed gap on social media, indicating that the risk has been eliminated. Even if the negative target has been removed, the weak order can still lead to further declines. The artistic picture remains fragile.
Traders now stand at a crossroads. When the gap closes, there is less immediate risk underneath, but price action remains weak. Volatility and liquidity responses in the coming sessions will determine whether Bitcoin loses momentum to flow lower or forms a base.
Macro headwinds and uncertainty over Fed rate cuts
Broader economic signals add tension to markets. The Empire State Industrial Production Index jumped to 18.7, 8 points from the previous month. This strong result lowered the likelihood of a rate hike by the Federal Reserve in December. Change in market probabilities: Polymarket put the probability of no cut at 55%, while CME Group data showed a 60% probability of no change.
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said research firm 10X Research what you do New buying activity stopped around October 10. The tighter signals from the Fed added to the pressure. Their analyzes warn that conditions remain vulnerable to more… Liquidation.
The Industry Sentiment Index is near recent lows, reflecting the psychological impact of market turmoil. Options data highlighted a change: buy volume exceeded call volume in the last day, although calls typically dominate. This change indicates that traders are preparing for further decline or betting on a decline.
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The signs on the chain indicate the stage of surrender
On-chain analysis by Glassnode and Bitfinex have shown that realized losses have been slim, suggesting that short-term holders are capitulating. History suggests that market funds are often followed by waves of selling by those who bought at recent highs. However, sustainable recovery requires long-term accumulation.
suggested analyst Benjamin Quinn what you do Bitcoin It could test the 200-week EMA between $60,000 and $70,000. However, he also noted that a temporary rebound is possible first. Analysts’ forecasts are mixed, reflecting ongoing uncertainty and the potential for a short-term recovery amid notable technological damage.
Fall forecasts appeared on social media. Roman Trading cited the next support level at $76,000, citing broken patterns and weak momentum. Although these are individual opinions, they show that traders are wary of further declines.
The coming days will reveal if Bitcoin can hold above $90,000 or if sellers increase the pressure. Economic data, central bank statements and institutional flows are likely to drive the trend. For now, risk remains high with bulls and bears waiting for clearer signals.
