Crypto Bloodbath: Bitcoin Loses $92K: Ethereum Slips $3K — Worst Drop in Months

Bitcoin plunged to a six-month low of $91,545 on Tuesday morning in Asia, breaching key support. Ethereum also slipped below $3,000, highlighting widespread market weakness.

The crypto downturn aligned with traditional markets, which endured their worst session in a month.

Market Plunge Erases Weeks of Gains

Bitcoin lost 3.21% on November 17, bringing its value down by 27% from its October all-time high. Ethereum posted a deeper 4.22% fall to $2,978. Major altcoins also saw sharp weekly declines. Solana tumbled 22.51%, XRP slid 16.73%, and Cardano fell 22.12% over the seven-day period.

Losses extended beyond crypto. The S&P 500 dropped 61.70 points to 6,672.41, and the Nasdaq fell 192.51 points to 22,708.07. Both closed below their 50-day moving averages, ending streaks not seen since 2007 and 1995.

Bitcoin lost 3.21% on November 17. Source: BeInCrypto

The Dow Jones Industrial Average fell by more than 550 points as investors anticipated Nvidia’s earnings. Technical analysts saw the breaks as short-term bearish, focusing on the 200-day average as support. Money moved into healthcare and energy while retail investors reduced risk.

Bitcoin CME Gap Closes After Seven-Month Overhang

A major technical event unfolded as Bitcoin filled the last large CME futures gap near $92,000. The gap, open since April 2025, resulted from the CME’s weekend closure while spot exchanges continued trading. These price gaps typically get filled, removing technical overhang, though this does not guarantee a price reversal.

Cryptocurrency trader DaanCryptoTrades confirmed the closure on social media, noting that the risk had been eliminated. Despite removing a downside target, weak demand could still lead to further declines. The technical picture remains fragile.

Bitcoin CME Gap closure confirmed. Source: DaanCrypto

Traders are now at a crossroads. With the gap closed, there is less immediate risk below, but price action is still weak. Volatility and liquidity responses in upcoming sessions will determine whether Bitcoin loses momentum to slide lower or forms a base.

Macro Headwinds and Fed Rate Cut Uncertainty

Broader economic signals added to market stress. The Empire State Manufacturing Index surged to 18.7, up 8 points from the previous month. This strong result reduced the odds of a Federal Reserve rate cut in December. Market probabilities shifted: Polymarket put the chance of no cut at 55%, while CME Group data pointed to a 60% chance of an unchanged policy.

Polymarket put the chance of no cut at 55%. Source: Polymarket

Research firm 10X Research said new buyer activity stalled around October 10. The Fed’s more hawkish signals added pressure. Their analysis warned that conditions remain vulnerable to further liquidations.

The industry’s sentiment index neared recent lows, reflecting shaken market psychology. Option data highlighted a switch: put volume exceeded call volume in the last day, even as calls typically dominate. This shift signals traders bracing for more downside or betting on a drop.

Option data highlighted a switch: put volume exceeded call volume in the last day. Source: Coinglass

On-Chain Signals Point to Capitulation Phase

On-chain analytics from Glassnode and Bitfinex showed that realized losses were stabilizing, suggesting that short-term holders are capitulating. History indicates that market bottoms often follow waves of selling by those who bought at recent highs. A lasting recovery, however, requires long-term accumulation.

Analyst Benjamin Cowen suggested Bitcoin could test the 200-week exponential moving average between $60,000 and $70,000. However, he also noted that a relief rally is possible first. Analyst forecasts vary, reflecting ongoing uncertainty and the potential for a short-term bounce amid notable technical damage.

Bearish projections surfaced on social media. Roman Trading cited $76,000 as the next support level, citing broken patterns and weakening momentum. While these are individual opinions, they show traders are wary of more downside.

The coming days will reveal if Bitcoin can hold above $90,000 or if sellers increase pressure. Economic data, central bank remarks, and institutional flows will likely steer the direction. For now, risk remains elevated as both bulls and bears wait for clearer signals.

The post Crypto Bloodbath: Bitcoin Loses $92K: Ethereum Slips $3K — Worst Drop in Months appeared first on BeInCrypto.