Bitcoin slipped under the $93,000 mark Sunday for the first time since May, stamping in a bearish death cross and dragging its losing streak even further into the red.
Bitcoin Buckles, Igniting Fresh Waves of Extreme Fear
Bitcoin, the world’s largest cryptocurrency, tapped an intraday low of $92,929 before clawing back to $94,625 by 8 p.m. EST, off by roughly a percentage point over 24 hours with $66.14 billion in trading volume powering the action.
By the time 8 a.m. rolled around on Monday, BTC had inched a bit higher, holding steady at $95,305. Yesterday’s move beneath $93,000 arrived right after a confirmed death cross on the daily chart — the 50-day moving average dipping under the 200-day moving average — a technical formation widely treated as a bearish cue that has often preceded deeper drawdowns.
An hour later, despite Strategy buying nearly a billion worth of bitcoin, BTC’s price trickled downward to $93,506. By 9 a.m., bitcoin is exchanging hands at $93,607 per coin after the flush.
A death cross doesn’t seal any fate; it simply reflects shifts in momentum and trend, and plenty of outcomes are on the table. Meanwhile, market sentiment has crumbled into “extreme fear,” with the Crypto Fear & Greed Index (CFGI) revisiting levels last seen in May as retail traders buckle and social-dominance alarms flare.
Profit-taking after October’s all-time high above $126,000, persistent dormant coin distribution, and waning hopes for a December Federal Reserve rate cut all nudged the market lower. Toss in worries about an artificial intelligence (AI) bubble and an array of doom-and-gloom narratives, and the tone has taken a hit.
Also read: Strategy Nears 650,000 Bitcoin After Its Latest 8,178 BTC Grab
Broader risk-off vibes have also pressed on assets like equities, with technology names sliding and institutional outflows from spot bitcoin exchange-traded funds (ETFs) accelerating for five straight weeks.
Bitcoin has now wiped out nearly all gains logged since early 2025, marking its longest consolidation and losing streak in ages, amplified by thin weekend liquidity and fading spot demand.
FAQ ❓
- What is a bitcoin death cross?A death cross occurs when the 50-day moving average falls below the 200-day moving average on bitcoin’s chart.
- Why is the Fear & Greed Index in ‘extreme fear’?The index reflects sharp sentiment deterioration driven by price drops, retail capitulation, and social-dominance stress signals.
- How far did bitcoin fall during the latest move? Bitcoin briefly dipped to $92,929 before recovering slightly during Sunday’s session.
- What factors are pressuring bitcoin right now?Profit-taking, dormant coin selling, macro uncertainty, and fading expectations for a Fed rate cut are weighing on BTC.