Bitcoin plunged to around 97,000 dollars today after falling sharply below the key 100,000-dollar level in a broad wave of risk aversion. The price hit an intraday low near 96,841 dollars, the weakest since May. The cryptocurrency has lost more than 23% compared with the record high it reached last month above 126,000 dollars. The decline came as traders reduced their expectations for a Federal Reserve rate cut in December, while delays in key U.S. economic data added to uncertainty, prompting investors to exit high-risk assets.
Although Bitcoin remains up about 5% since the start of the year, it is still far from the election-driven rally that lifted it more than 40% since late 2024. Selling pressure remains heavy for the third consecutive week. Institutional inflows have weakened again. Long-term wallets sold more than 815,000 bitcoins over the past month. Options-market moves pointed to rising market concerns.
Demand has surged for bearish hedging instruments around the 95,000- and 90,000-dollar levels. Traders are watching the 98,000-dollar mark closely as it may act as a trigger for a sharper decline. Technical signals have also weakened, with the 200-day exponential moving average stabilizing near 108,000 dollars, while the 50-day EMA is approaching a potential bearish crossover. Altcoins dropped sharply, with Ethereum falling more than 9%, Solana more than 8%, XRP about 7%, and Dogecoin nearly 7%. Pressure also increased from broader markets.
U.S. equities posted their worst decline in more than a month; the Dow Jones fell 1.65%, the S&P 500 dropped 1.66%, and the Nasdaq slipped 2.29%. Traders reassessed monetary-policy risks as inflation fears resurfaced. Crypto markets lost momentum. Attempts to rebound above 101,000 dollars failed again as buyers were unable to hold gains.
Some accumulation activity has returned, as large wallets added more than 45,000 bitcoins this week. Even so, a temporary rebound remains possible if U.S. activity normalizes and the delayed economic data is released. But bearish-leaning analysts warned that a clear break below 98,000 dollars could open the way toward the 80,000-dollar level.
Bitcoin price today drops below 100,000 dollars as rate-cut expectations fade
Bitcoin fell sharply on Friday as high-risk markets weakened. The world’s largest cryptocurrency dropped to a six-month low, breaking below the key 100,000-dollar threshold. The decline came as market expectations for a Fed rate cut in the December meeting weakened, adding pressure on crypto assets, with many major tokens recording notable losses.
Bitcoin traded near 97,067 dollars, down 2.63%. The price touched an intraday low of 96,841 dollars, the weakest since May 2025. The cryptocurrency has now lost more than 23% compared with its all-time high above 126,000 dollars a month ago. Despite the decline, Bitcoin remains up about 5% since the start of the year and more than 40% since the U.S. 2024 elections.
The drop came amid a sharp decline in global risk appetite, as investors reassessed the Fed’s ability to justify monetary easing given delays in major U.S. economic reports. The uncertainty pushed traders into defensive positions and led to outflows from crypto products.
Bitcoin price outlook: Can it recover before the Fed’s December meeting?
The price setup for Bitcoin ahead of the Fed’s December meeting appears cautious with a bearish tilt, amid key technical levels closely watched by the market. The price is currently holding below the psychologically important 100,000-dollar level, which represents a major support zone. Traders say a break below 98,000 dollars could open the door to a deeper correction toward 80,000 dollars, based on historical volume areas.
Momentum indicators have turned negative, with the 50-day EMA approaching the 200-day EMA from above. A “death cross”—where the 50-day average falls below the 200-day—would signal accelerating bearish momentum and typically points to extended downtrends. The 200-day average sits around 108,000 dollars, a major resistance level that Bitcoin has failed to overcome this year.
Despite the short-term bearish pressure, some analysts expect a potential recovery and near-term upside. Certain estimates suggest Bitcoin could rise above 115,000 dollars by mid-November and later exceed 130,000 dollars if support levels hold and positive catalysts emerge, such as easing signals from the Fed or a return of liquidity to markets. Immediate support is concentrated around the 104,000–106,000-dollar range, a level that previously formed a strong floor. If the price stabilizes there, it may consolidate before attempting a breakout as December approaches.
Market sentiment may improve as U.S. government operations return to normal and delayed economic data begins to flow. Some traders expect liquidity to strengthen if the Fed confirms easing plans later in the year. Accumulation data also shows renewed buying interest from large investors who purchased about 45,000 bitcoins over the past week.
For now, rallies continue to lose momentum quickly. Conditions remain fragile, and recovery depends heavily on economic signals in the coming weeks. Until rate-cut expectations stabilize again, Bitcoin is likely to continue trading with volatility around key support zones.
