Bitcoin has now erased all of its 2025 gains and fell below the $93,000 level for the first time in nearly seven months on Monday.
Bitcoin It recently traded at $92,123, after falling 2.3% in the past day and about 13% in the last week, according to crypto price aggregator CoinGecko. According to CoinGlass, BTC trading volume has more than doubled in the past day, jumping to $114 billion.
So far, approximately $335 million worth of Bitcoin derivatives contracts have been liquidated in the past day, bringing the total crypto market liquidation in the past 24 hours to $725 million.
Analysts at QCP Capital, a Singapore-based crypto trading firm, said: “The decline below the 50-week moving average and the first weekly close below $100,000 since May 4 reinforces a more cautious trend across the digital asset market.” “In a sector where narratives often drive prices, talk of the four-year cycle coming to an end only adds to the general bearish mood.”
The QCP team hinted at the end of Bitcoin’s four-year cycle. Since its inception, Bitcoin has experienced so-called halvings approximately every four years. And during that time, a significant price drop typically occurs about 12 to 18 months after each halving. After the most recent April 2024 halving, BTC approached the end of the halving in October.
By October, many analysts said the four-year cycle was over. But now some analysts say it’s not completely over, just delayed.
QCP analysts cited $92,000 as a key support level for BTC, adding that the price acted as a floor from late last year to early this year. As of this writing, Bitcoin is on the verge of breaking through that wall.
“The 92K region also coincides with an unfilled CME gap, which, if tested, increases the likelihood of a short-term technical rebound. However, as we have seen over the past few weeks, excess overhead supply could limit the strength of the rebound,” the analysts wrote. “This, combined with heightened macro uncertainty and delays in restoring liquidity to crypto markets, leaves the situation vulnerable even now that the U.S. government has officially reopened.”
The CME gap QCP analysts were referring to is the difference between the spot price of Bitcoin (which never stops trading) and the price when the closing bell rang on the CME Bitcoin derivatives contract on Friday afternoon.
The U.S. government shutdown ended last week, lasting 43 days, making it the longest government shutdown in history. However, the macroeconomic situation has not yet been sufficiently clarified to restore investor confidence.
Users of Prediction Markets Owned by Myriad decryption’s parent company Dastan is now overwhelmingly confident that BTC will fall to $85,000 sooner than it will rise to $115,000 again. Users currently believe there is a 63% chance that BTC will plummet to $85,000, having risen 30% in the past day.
