Bitcoin according to TradingView fell below $100,000 mainly due to weakened market sentiment. Investors reacted to the fact that the Federal Reserve apparently does not plan to cut interest rates in December, which reduces the appetite for risk. Along with a significant drop in tech stocks, cryptocurrencies and crypto companies also suffered. The market thus reflects a general retreat from risky assets.

Bitcoin falls to $97,000

At the time of writing, Bitcoin is trading at $97,350, marking its lowest price since May this year. The current development suggests that the ongoing correction may continue in the coming days. Overall, the correction reaches 23%, which is still a mild drop, but the problem remains the weakened upward momentum.

The price is currently in a key support zone between $99,000 and $93,000, where increased trading volumes have occurred in the past. This is why there is a chance that Bitcoin could find its local bottom in this area.

The broader market situation does not look favorable. The tech index Nasdaq 100 fell over 2% in the last 24 hours. The situation indicates increased selling pressure not only on cryptocurrencies but also on traditional risky assets. Currently, everything suggests that the market may enter a longer-term downtrend.

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Has the cycle peak already occurred?

If Bitcoin breaks the mentioned support zone, the next significant price levels are at $88,000 and $84,000, where the market could attempt stabilization again. Meanwhile, this week’s candle fell below the 50-week moving average for the first time in this cycle (blue line on the chart above).

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