Bitcoin It slipped to a fresh six-month low on Monday, extending its multi-week retreat as crypto sentiment continued to deteriorate.
After a slight rebound from overnight lows, BTC – in what has become a familiar pattern – continued its fall in the US session, falling to $92,500, down 2.4% over the past 24 hours and nearly 13% over the past week. Today’s biggest crypto erased all of its 2025 gains and declined 27% from its record high a little over a month ago. Ether Hovered above $3,000, off 2% in the past 24 hours and 15% in the past week.
Bearish sentiment spilled over into crypto-related equities with coinbase (coin), circle (CRCL), gemini (gemi) and galaxy (glxy) falling around 7%. The companies associated with the digital linking of the Treasury continued their descent: Strategy (MSTR), the largest holder of corporate bitcoin, slipped 4% to the lowest since October 2024, while ether companies Treasury Bitmine (BMNR), Ethzilla fell 8% and 14%, respectively. UPEXI-linked Solana (UPXI) and Solana Company (HSDT) fell 10% and 7%, respectively.
Bitcoin miners tied to high-performance computing and AI infrastructure are doing better after weeks of drawdowns. Hive Digital (HIVE) jumped 10% on news that the HPC subsidiary had struck on AI Cloud Partnership With Dell technologies. Iren (Iren) and Hut 8 (hut) also posted moderate gains.
The reduced chance for a fed rate cut
Thanks to the government shutdown, there won’t be much in the way of official economic statistics for several weeks, making the reports less likely to follow.
To wit, this New York Federal Reserve’s Empire State Manufacturing Survey. That gauge unexpectedly jumped eight points to 18.7, which was above analyst forecasts for a decline of 6. The upside surprise is likely to add to the growing case for the Fed to hold interest rates steady at its next meeting in December, rather than cut, as markets expected.
Polymarket traders are now designation a 55% odds that the federal funds rate will remain unchanged at the December meeting, while the CME Fedwatch tool puts the probability of stopping slightly higher at around 60%.
Coindesk senior analyst James Van Straten also pointed to a technical headwind. Bitcoin futures on the Chicago Mercantile Exchange (CME) opened at $93,840 on Sunday, leaving a gap to $91,970 from April still unfinished—a level that could attract short-term downward pressure, as Bitcoin often reverses such gaps, he noted.
Meanwhile, Bitfinex analysts noted that the pace of realized losses is beginning to stabilize, suggesting that Bitcoin may approach a local low without at least a rebound.
“Throughout many historical cycles, sustainable bottoms have formed only after short-term holders have experienced losses and not before,” the analysts said in a note shared with Coindesk. “The market appears to be approaching that threshold, with near-term resilience contingent on whether this capitulation phase can exhaust remaining selling pressure.”
They added that this is now the third-largest pullback since 2023, and the second-largest since the launch of the US Bitcoin ETFS, noting that a local bottom could form “relatively soon.”
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