Bitcoin is facing more pressure as its price continues to drop, hitting a new six-month low. On Monday, Bitcoin dipped again during the U.S. trading session, falling to around $92,500. That’s a 2.4% drop in the past 24 hours and a nearly 13% decline over the last week. After reaching an all-time high just over a month ago, Bitcoin has now lost about 27% of its value and erased all of its 2025 gains.

Ethereum (ETH) is also under pressure, staying just above $3,000. It’s down 2% in the last day and 15% over the past week.

The negative trend is affecting more than just cryptocurrencies. Stocks linked to crypto companies are also taking hits. Coinbase, Circle, Gemini, and Galaxy all fell by about 7%. Companies that hold digital assets in their treasury also saw sharp declines—MicroStrategy (MSTR), the biggest corporate holder of Bitcoin, dropped 4% to its lowest price since October 2024. Other Ethereum-focused companies like BitMine and ETHZilla were down 8% and 14%, respectively. Solana-related firms Upexi and Solana Company lost 10% and 7%.

There was a bit of good news for Bitcoin miners involved in high-performance computing and artificial intelligence. Hive Digital saw its shares jump 10% after announcing a new AI cloud partnership with Dell Technologies. Miners like IREN and Hut 8 also saw modest gains.

Adding to the uncertainty is the ongoing U.S. government shutdown, which has delayed important economic reports. That’s made smaller data releases more impactful. For example, the New York Federal Reserve’s Empire State Manufacturing Survey surprised markets by jumping to 18.7 instead of dropping to the expected 6. This stronger-than-expected data makes it more likely that the Federal Reserve will keep interest rates steady at its December meeting instead of cutting them.

Market tools like Polymarket and the CME FedWatch Tool now suggest there’s more than a 50% chance that interest rates will stay where they are in December.

Another factor influencing Bitcoin’s drop is a technical pattern. According to analysts, Bitcoin futures on the Chicago Mercantile Exchange (CME) opened at $93,840 but left an open price gap down to $91,970 from April. Bitcoin often returns to these “gaps” before moving forward, which could mean more short-term selling pressure.

However, there may be some light at the end of the tunnel. Analysts at Bitfinex say Bitcoin could be close to hitting a local bottom. They note that when short-term investors give up and sell at a loss—something that seems to be happening now—it often signals that prices are near a low point before bouncing back.

This current price drop is now one of the largest since 2023 and ranks as the second-biggest pullback since U.S. spot Bitcoin ETFs began trading. If selling pressure slows down soon, analysts believe we could see a rebound in the near term.

In summary: Bitcoin and other cryptos are struggling, but signs are pointing to a possible turnaround if current market trends continue and investor sentiment stabilizes. Keep an eye on interest rate decisions, technical patterns like price gaps, and signs of selling exhaustion among short-term holders—all of which could shape the next big move in crypto markets.