Bitcoin Enters Death Cross—And Ethereum Isn’t Far Behind: Analysis

Market Overview - The cryptocurrency market is experiencing significant declines, with Bitcoin dropping to approximately $88,000, a decrease of over 20% in the last 30 days [2] - The total crypto market capitalization has fallen to $3.04 trillion, down 4.82% in the last 24 hours, with 95% of cryptocurrencies showing losses [2] - The Fear and Greed Index has reached a low of 16, indicating extreme fear among investors, the lowest level since April [2] Investor Sentiment - Expectations for a Federal Reserve rate cut in December are diminishing, contributing to negative market sentiment [3] - Bitcoin ETFs have seen record outflows, with BlackRock alone experiencing $523 million in outflows in a single day [3] - Traders are increasingly seeking hedges against a potential crypto winter anticipated in 2026 [3] Market Predictions - On the Myriad prediction market, 73.3% of traders are betting that Bitcoin will drop to $85,000, while only 26.7% believe it will rise to $115,000 [4] - For Ethereum, traders estimate a 62% chance that its price will decline to $2,500 from its current level of around $2,800 [4] Technical Analysis - Bitcoin's price opened at $92,911 but fell over 4% to $88,605, marking a fresh seven-month low and dropping below the critical $90,000 psychological level [5] - The formation of a "death cross" has been confirmed, with the 50-day Exponential Moving Average (EMA) crossing below the 200-day EMA, indicating a bearish market trend [7] - The Average Directional Index (ADX) is at 38.25, suggesting a strong downtrend with significant momentum behind the current selloff [8]