Bitcoin prices slipped to a six months low of below the $100,000 mark on Friday, following broader weakness in risky assets globally on diminishing bets of a US Federal Reserve rate cut in the December policy. Easing institutional flows also dragged the world’s largest cryptocurrency in the red for a third consecutive week.
Bitcoin prices declined 5.08% to $97,162.73, its weakest level since May 2025. The crypto prices hit an intraday low of $96,841.60. While Bitcoin prices have crashed more than 23% from its all-time high of above $126,000 hit one month ago, the token remains about 5% higher on the year, and up more than 40% since the 2024 US election.
Among other cryptocurrencies, Ethereum prices dropped over 9%, Tether prices eased 0.02%, XRP fell 7%, Solana prices plunged over 8%, while Dogecoin prices declined nearly 7%.
“Bitcoin price saw a pullback below $100k and is consolidating between $99K – $101K. While the US government has officially ended the shutdown, the restart of federal operations may take time, meaning key economic indicators could still face delays, keeping investors cautious,” said analysts at CoinSwitch Markets Desk.
The pullback of Bitcoin price can also be tied to whale selling, with long-term holders offloading more than 815,000 BTC over the past month.
However, analysts believe the sentiment may improve in the coming weeks as markets look ahead to the Federal Reserve’s expected Quantitative Easing in December, which could restore liquidity and revive risk appetite.
Volatile Global Markets
The sell-off in crypto prices also comes amid heightened volatility across global markets. The recent rally in the US stock market, sparked by relief over the end of the government shutdown, seems to have faded.
On Thursday, the US stock market ended sharply lower, with all three major Wall Street indexes posting their steepest daily percentage declines in over a month, as investors scaled back expectations of interest rate cuts due to inflation.
The Dow Jones Industrial Average declined 1.65% to 47,457.22, while the S&P 500 dropped 1.66% to end the session at 6,737.49. The Nasdaq closed 2.29% lower at 22,870.36.
With key economic reports delayed, traders are reassessing whether the Federal Reserve can justify rate cuts in the near term — adding fresh pressure to growth assets like crypto and technology stocks.
Crypto Options Market
In derivatives markets, demand for downside protection has risen. According to data from Coinbase-owned crypto exchange Deribit, interest has surged in protective puts below the $100,000 strike, with contracts around $90,000 and $95,000 seeing the heaviest action, Bloomberg reported.
Bitcoin Price Outlook
According to CoinSwitch Markets Desk, Bitcoin price faces resistance at $101,000, and holding above $100,000 could allow it to retest this level. A move beyond $101,000 may help Bitcoin move upside.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
