Bitcoin price dips to $99,000 as macro shocks, whale selling hit markets

Market Overview - Bitcoin price dropped to $99,000 on Coinbase, marking the lowest level since May, before recovering to $102,000, reflecting a nearly 20% decline from its all-time high of $126,000 reached in early October [1] - The overall cryptocurrency market capitalization has decreased by about 20%, now standing just under $3.5 trillion [1] Investor Sentiment - Sentiment among venture capital funds and trading firms is low, with expectations of prolonged high interest rates and uncertainty surrounding the Federal Reserve's upcoming December meeting [2] - The CME FedWatch Tool indicates a 74% probability of another rate cut in December, but the Fed's cautious stance may lead to continued volatility in risk assets [3] Market Dynamics - Significant selling pressure is observed, with US spot Bitcoin exchange-traded funds experiencing $566 million in outflows, contributing to the downward trend [4] - Major transactions are occurring, such as Marathon Digital transferring $236 million in Bitcoin to institutional exchanges, indicating active selling by large holders [5] Price Predictions - Analysts predict Bitcoin will trade between $94,000 and $118,000 in the near term, with the lower bound seen as a healthy retracement zone amid subdued ETF inflows [6] - Some industry experts view the current correction as a generational shift in Bitcoin ownership, with early wallets beginning to sell for the first time [6][7]