Bitcoin Extends Multi-Week Slide as Market Sentiment Weakens

Bitcoin (BTC) continued its downward trajectory on Monday, hitting a fresh six-month low as deteriorating crypto sentiment pressured major digital assets. After briefly rebounding from overnight lows, BTC resumed its decline during the U.S. trading session, slipping to around $92,500. The largest cryptocurrency has now fallen roughly 2.4% in the last 24 hours, nearly 13% over the past week, and has erased all gains accumulated in 2025. Bitcoin currently sits about 27% below its record high reached just over a month ago. Ether (ETH) also struggled, hovering slightly above $3,000 with a 2% daily drop and a 15% weekly decline.

The prolonged slump spilled over into crypto-related equities. Shares of major industry players such as Coinbase, Circle, Gemini and Galaxy dropped about 7%. Companies with large digital-asset treasuries also suffered: MicroStrategy slid 4% to its lowest level since October 2024, while ether-focused firms BitMine and ETHZilla plunged 8% and 14%. Solana-linked stocks Upexi and Solana Company extended losses by 10% and 7%.

Bitcoin mining firms tied to high-performance computing and AI infrastructure, however, showed resilience after weeks of pressure. Hive Digital surged 10% following news that its HPC division secured an AI cloud partnership with Dell Technologies. IREN and Hut 8 posted modest gains as well.

Macroeconomic uncertainty added to the bearish outlook. With the U.S. government shutdown limiting official economic data releases, traders focused on the New York Fed’s Empire State Manufacturing Survey, which unexpectedly rose to 18.7. The stronger-than-expected reading lowered expectations for a Federal Reserve rate cut in December. Prediction markets now assign a 55% chance the Fed will hold rates steady, while CME’s FedWatch tool places the probability near 60%.

Analysts pointed to technical pressures as well. Bitcoin futures on the CME opened with an unfilled gap around $91,970, a level BTC often revisits, potentially driving more short-term downside. Still, Bitfinex analysts noted that realized losses are stabilizing, suggesting the market may be approaching a local bottom as short-term holders near capitulation — a pattern historically seen before rebounds. They emphasized that this marks Bitcoin’s third-largest pullback since 2023 and the second-largest since spot bitcoin ETFs launched, arguing that a relief bounce could emerge “relatively soon.”