Core Insights - Bitcoin (BTC) has experienced a significant decline, dropping over 24% from its all-time high of more than $126,000 in October, with recent trading below $95,000 [1][6] - The decline is attributed to a lack of marginal buyers and a bear market regime, as indicated by on-chain data and ETF outflows reaching their second highest daily level [2][3] - Analysts suggest that without a Federal Reserve interest rate cut in December, the likelihood of a Bitcoin rally is diminished, with a potential further drop if prices fall below $93,000 [3] Market Dynamics - The cryptocurrency market is facing a broader risk-off sentiment, with a stock market selloff contributing to Bitcoin's decline [1][6] - Fundstrat's Sean Farrell highlights the absence of catalysts for Bitcoin's momentum, noting that the prolonged government shutdown has delayed liquidity boosts to the economy [4] - A potential revisit to the low $90,000 range for Bitcoin could attract buyers back into the market [5]