Bitcoin (BTC) has hit a new six-month low, plunging to $92,299.83 on Monday as the downward trend in the cryptocurrency market persists. The leading crypto has faced a multi-week downturn, exacerbated by waning market sentiment. Although there was a brief rebound from early lows, BTC’s value declined again during the U.S. trading session, resulting in a 2.4% drop in the last 24 hours and an approximate 13% decrease over the past week. Notably, Bitcoin has erased all gains made in 2025 and has plummeted 27% from its record peak just over a month ago.
Ether (ETH) also reflected the bearish climate, hovering slightly above the $3,000 mark. The second-largest cryptocurrency experienced a 2% decline in the last day and is down 15% over the week. The negative sentiment surrounding cryptocurrencies has affected related equities as well. Companies such as Coinbase (COIN), Circle (CRCL), Gemini (GEMI), and Galaxy (GLXY) each saw their stocks tumble around 7%.
Digital asset treasury-linked firms are also feeling the strain. MicroStrategy (MSTR), the largest corporate Bitcoin holder, saw its shares fall 4%, reaching a low not seen since October 2024. Ether treasury firms, including BitMine (BMNR) and ETHZilla, faced declines of 8% and 14%, respectively. Solana-linked companies, Upexi (UPXI) and Solana Company (HSDT), dropped by 10% and 7%.
In contrast to the general downturn, some Bitcoin miners associated with high-performance computing and AI infrastructure are faring better. Hive Digital (HIVE) gained 10% following news of an AI cloud partnership with Dell Technologies. Other miners, including IREN (IREN) and Hut 8 (HUT), also managed modest gains.
This downward trajectory comes amidst uncertainty regarding U.S. Federal Reserve interest rate policies. The recent government shutdown has limited the release of economic statistics, making even less-followed reports more critical. This morning’s Empire State Manufacturing Survey from the New York Federal Reserve unexpectedly surged eight points to 18.7, significantly outperforming analyst projections of a decline to 6. This surprising uptick is likely to bolster the case for the Fed to maintain interest rates at its next meeting in December rather than proceed with cuts as previously anticipated by the markets.
Polymarket traders are now estimating a 55% chance that the federal funds rate will remain unchanged at the December meeting, with the CME FedWatch Tool indicating a slightly higher probability of around 60% for a pause.
From a technical perspective, Bitcoin futures on the Chicago Mercantile Exchange (CME) opened at $93,840, creating an unfilled gap down to $91,970 from April. This gap may exert short-term downward pressure, as Bitcoin often revisits such price levels, according to analysts.
Bitfinex analysts have observed that the pace of realized losses is stabilizing, suggesting that Bitcoin might be nearing a local low, potentially setting the stage for a rebound. They noted that sustainable bottoms in Bitcoin’s price have historically formed after short-term holders capitulate, highlighting that the market may be approaching this critical threshold again. Recent analysis indicates this pullback is the third-largest since 2023 and the second-largest since the introduction of U.S. spot Bitcoin ETFs, raising hopes for a local bottom to form relatively soon.
