Bitcoin prices fell sharply on Monday, slipping to their lowest level in six months as hopes of a US Federal Reserve rate cut weakened.
The world’s biggest cryptocurrency is currently trading at $94,859.62, down by 1.04% over the last day.
The cryptocurrency has now lost more than 10% in the past week, marking its third straight weekly decline. With this drop, Bitcoin has erased over 30% of the gains it built up earlier this year. The token had briefly surged past $126,000 in October, but the latest fall has pushed it into bear territory.
Other major coins also traded lower. Ethereum slipped to $3,182.03, Solana moved down slightly, and Cardano lost nearly 0.5% over the last 24 hours.
According to market watchers, investors are shifting to a risk-off mood as global markets face uncertainty. A rise in market volatility and large liquidations has added further pressure on crypto prices.
Edul Patel, CEO of Mudrex, said Bitcoin was trying to stabilise after touching the $93,000 mark.
“Bitcoin is attempting a steady recovery after briefly dipping below $93,000. Inflation concerns resurfaced in the US after President Trump signaled tariff cuts to ease food prices, adding short-term volatility,” he said.
“However, a positive sign is emerging as whales and market makers have increased long positions since Wednesday, actively buying the dip below $100,000. With BTC trading near $95,000, resistance sits around $99,000, while a new support is forming at $92,700, indicating improving stability and early signs of a potential trend reversal,” Patel added.
Analysts say the recent pullback reflects a broader shift in global markets. Rising volatility and fading expectations of monetary easing have prompted traders to reduce risky positions.
Riya Sehgal, Research Analyst at Delta Exchange, said the crypto market was clearly in a cautious phase.
“Crypto markets have shifted into a clear risk-off sentiment, moving in tandem with the broader pullback across global assets. The sharp rise in volatility, including more than $700 million in liquidations over the past day, shows traders rapidly scaling back leverage as expectations around monetary easing and near-term liquidity soften,” she explained.
Sehgal added that Bitcoin’s chart patterns show long-term holders booking profits, a trend often seen towards the end of strong market phases. She noted that Bitcoin faces heavy resistance between $101,500 and $103,200, with key support around $98,500. A break below this could push it towards the mid-$96,000 range.
With global uncertainty rising and crypto traders turning defensive, markets may continue to stay volatile in the coming days.
