Crypto Bloodbath: Bitcoin Loses $92K: Ethereum Slips $3K

Market Overview - Bitcoin fell to a six-month low of $91,545, breaching key support levels, while Ethereum dropped below $3,000, indicating widespread market weakness [1] - Bitcoin lost 3.21% on November 17, down 27% from its October all-time high, and Ethereum fell 4.22% to $2,978, with major altcoins like Solana, XRP, and Cardano experiencing significant declines [2] - The S&P 500 and Nasdaq also saw declines, with the S&P 500 dropping 61.70 points to 6,672.41 and the Nasdaq falling 192.51 points to 22,708.07, both closing below their 50-day moving averages [3] Technical Analysis - A significant technical event occurred as Bitcoin filled the last large CME futures gap near $92,000, which had been open since April 2025, typically indicating a removal of technical overhang [5] - Despite the closure of the CME gap, weak demand may lead to further declines, and the overall technical picture remains fragile [6] - Traders are at a crossroads, with the gap closure reducing immediate risk but ongoing weak price action suggesting potential for further downward movement [7] Economic Indicators - Broader economic signals contributed to market stress, with the Empire State Manufacturing Index rising to 18.7, an increase of 8 points from the previous month, which reduced the likelihood of a Federal Reserve rate cut in December [8] - Market probabilities shifted, with Polymarket indicating a 55% chance of no rate cut and CME Group data suggesting a 60% chance of unchanged policy [9] - Research firm 10X Research noted that new buyer activity stalled around October 10, with the Fed's hawkish signals adding pressure and warning of vulnerability to further liquidations [9]