Market Overview - The crypto market is experiencing a significant pullback, with Bitcoin dropping below $98,000 and briefly touching $97,100, resulting in a 3% daily decline [1] - Over the past 24 hours, liquidations exceeded $1.10 billion, with long positions suffering a loss of $969.37 million [1] Macro Factors - The pressure on the crypto market is largely due to shifting macroeconomic expectations, particularly a reduced likelihood of a Federal Reserve rate cut in December, which has dampened the appetite for risk assets [2] Bitcoin Trends - Bitcoin spot ETFs have seen outflows exceeding $1.3 billion since October, and long-term holders have offloaded 815,000 BTC in just 30 days [3] - The Fear & Greed Index has dropped to 21, indicating a market sentiment shift towards high fear, with analysts warning that failing to hold the $97,000 level could lead to further declines towards $92,000–$91,000 [4] Analyst Perspectives - Some analysts view the current correction as typical mid-cycle behavior, noting that historical Bitcoin corrections average around 22%, which aligns with current market conditions [5] - Certain central banks, such as the Czech Republic, continue to buy Bitcoin, suggesting that long-term institutional confidence remains intact despite the current market turmoil [5] Trading Volume and Future Outlook - Total trading volume has surged to $102 billion, indicating that the next market move is likely to be volatile [6] - Traders are closely monitoring whether Bitcoin will consolidate above $97,000 or extend the correction lower, as this pullback may present opportunities for investment in new cryptocurrencies [6]