Bitcoin's price dramatically dropped to $94,000, marking a crucial point for cryptocurrencies while posing challenges for altcoins. This steep decline, occurring over a brief period, returned Bitcoin to its levels from May 2025. The next few hours are critical in determining the market’s direction.
Bitcoin (BTC) Plummets
Recently, Bitcoin hit its lowest price in recent months at $94,022, following a rapid decline and an attempt to recover that faltered under seller pressure. This attempt happened just half an hour ago, setting the day’s lowest point so far.
Over the past 24 hours, the recommendations soared to over $380 million. Ethereum risks falling below the $3,000 mark again. Altcoins, unable to take advantage of Bitcoin’s decline to stabilize, keep setting new lows. Nothing significant happened in the last two hours, except for U.S. Treasury Secretary Bessent announcing a potential deal with China by Thanksgiving. There is notable weakness in the Yuan, yet nothing substantial in cryptocurrencies.
Bitcoin values the $91,200 mark on the weekly chart, battling from tariff concerns to maintain this level. Back in March this year, after reaching around $75,000, the market managed to avoid returning to those lows.
April’s downturn was linked to Trump’s unexpected tariff announcements, causing difficult periods. Even as a 12-month agreement with China was reached, the lingering possibility of tariff cancellations by the Supreme Court, pauses in interest rate cuts, and weakened buyer appetite present challenges today.
As we approach the weekly closing, bears may strive to keep the candle below or at $91,200, potentially intensifying movements soon. If these declines don’t indicate the start of a bear market, deeper lows should remain limited to lower candle wicks. Prices under $98,000 should stabilize quickly, requiring consolidation near the current area followed by a return.
In the coming days, important developments and noteworthy details regarding cryptocurrencies have been outlined in two separate reports. By examining these, one can better understand the calendar for the next seven days and plan accordingly. Currently, the movements are driven more by crypto speculators than macroeconomic developments. As investor appetite in the U.S. and Asia weakens, Tom Lee believes these speculative actions aim to force out several market makers who are caught off-guard.