Bitcoin (BTC) Price News: New Lows Below $93K, but Local Bottom Could Be Near, Analysts Say

On November 17, Bitcoin (BTC) dropped to a new six-month low below $93,000, erasing all gains made in 2025 and nearing a 27% decline from its record high in October. BTC fell 2.4% over the last 24 hours and nearly 13% over the past week, reflecting worsening market sentiment in the crypto space. The decline was further influenced by strong economic data that dampened expectations for a Federal Reserve rate cut. Analysts from Bitfinex suggest a potential local bottom may be forming as short-term holders capitulate. This move is noted as the third-largest pullback since 2023 and indicates that the market is approaching a point where a rebound could commence. Meanwhile, Bitcoin-related equities have also suffered, with companies like Coinbase and Galaxy experiencing declines of about 7%. Interestingly, Bitcoin miners associated with high-performance computing have fared slightly better, reflecting specific sector resilience. Overall, traders are adjusting their outlook with a significant focus on upcoming economic factors and the potential stabilization of realized losses in the Bitcoin market.

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