Bitcoin prices plummeted to a six-month low on Monday, weighed down by declining hopes for an interest rate cut from the US Federal Reserve in the upcoming month. The world’s largest cryptocurrency, Bitcoin, saw a price decline of 0.5%, settling at $95,165, following a drop to an intraday low of $92,971.17, marking its weakest point since late April. Bitcoin prices have dropped over 10% in the last week, signaling a third straight week of losses. The recent decline in Bitcoin’s price has erased over 30% of the gains achieved since the start of this year. The token reached an all-time high of over $126,000 in October and has now officially transitioned into bear territory. In the latest market movements, Ethereum saw a decline of 0.88%, settling at $3,180.08. Solana experienced a slight drop of 0.34%, and Dogecoin fell by 1%. In contrast, XRP managed to rise by 0.53%, defying the overall trend.
In the wake of a significant pullback, Bitcoin is making a measured effort to recover after a brief dip below the $93,000 mark. “Inflation concerns resurfaced in the US after President Trump signaled tariff cuts to ease food prices, adding short-term volatility.” “However, a positive sign is emerging as whales and market makers have increased long positions since last week, actively buying the dip below $100,000,” said Edul Patel. Avinash Shekhar stated that the decline in Bitcoin’s price was not due to a singular event but rather a market that is processing overstretched sentiment, limited liquidity, and shifting narratives. “Efforts to maintain stability around $95,000 are evident, yet each recovery faces resistance as both institutional and retail involvement continues to be lackluster. Ethereum is holding key zones yet ETF outflows continue to weigh on momentum, while altcoins like XRP are moving on very asset-specific flows that are not translating into broader conviction,” said Avinash Shekhar.
A report highlighted that numerous major buyers — such as exchange-traded fund allocators and corporate treasuries — have retreated over the last month, withdrawing a crucial source of flow-driven support that contributed to Bitcoin reaching record highs earlier this year. A simultaneous pullback in high-growth technology stocks has tempered the overall risk appetite in the market. Investor sentiment faces scrutiny as the US government shutdown continues, causing delays in crucial economic data releases and maintaining heightened uncertainty regarding the trajectory of interest rates. Bitcoin, representing almost 60% of the crypto market’s approximately $3.2 trillion capitalization, has experienced significant volatility this year. In April, prices dipped to approximately $74,400 following the announcement of tariffs by US President Donald Trump, but they subsequently surged to new highs before the most recent pullback. On October 10, a sudden tariff announcement from Trump delivered another sharp blow, resulting in record liquidations.
Reports says that Bitcoin price remains stable above the $93,000 support level, encountering short-term resistance at $95,000 and a more significant barrier between $96,000 and $96,500. “Until a clear macro catalyst or fresh institutional flows emerge, Bitcoin may continue moving sideways. Traders should manage risk and wait for confirmed signals before taking new positions,” stated source. Edul Patel noted that Bitcoin prices are facing resistance near $99,000, while a new support level is emerging at $92,700. This suggests a strengthening stability and early indications of a possible trend reversal.