Bitcoin price todaydropped below $94,000 and hit a six-month low. The fall pushed Bitcoin negative for 2025. The slide is steep. Bitcoin is down more than 26% from its October high of $126,000. Total liquidations in the last 24 hours crossed $500 million. The market erased over $600 billion in value since October, according to Bloomberg data.

Bitcoin has now lost more than 10% in the past week. This marks the third straight weekly decline. The slide has erased over 30% of gains made since January, officially pushing BTC into a deeper corrective phase.

Ethereum slipped 0.88% to $3,180, Solana fell 0.34%, and Dogecoin dropped 1%, while XRP rose 0.53%.

Trading flows remain thin. Both institutional and retail participation are muted.

Traders say conviction has collapsed. Sentiment is weak. Retail buyers exited. Institutional flows stalled. Bitcoin briefly wiped out all year-to-date gains before finding mild stability in early Asian trading. The retreat is sharp for a year expected to validate Bitcoin’s mainstream rise.

Wall Street backed Bitcoin through spot ETFs. Political support grew under the Trump administration. Large funds increased Bitcoin allocation. Yet the market turned down. The trigger is unclear. Traders cite leverage. They cite exhaustion. They cite global trade tensions that escalated in early October. That event sparked forced selling. Leverage washed out. Retail got burned chasing crypto-linked stocks near their highs. Altcoins fell too. Charts show risk appetite fading across the sector. Traders now fear the old four-year cycle.

Bitcoin halved in April 2024. Prices peaked six months later. That pattern fits past cycles. Those cycles usually bring a painful correction. Miners often sell heavily during downturns. Many think that cycle is in motion again. Some are selling early to avoid deeper drawdowns. The fear itself is driving exits.

Analysts at Bitwise say retail sentiment is extremely weak. The market is fragile. The liquidity is thin. Institutional buyers are cautious. ETF inflows slowed sharply. Some long-term holders took profit. Companies holding large Bitcoin treasuries now trade near the value of their underlying coins, showing weakened conviction.

Analysts at Nansen say Bitcoin trades like a macro asset now. It reacts to liquidity. It reacts to the dollar. It reacts to policy signals. The Trump boost failed to stop the decline. AI-linked assets, stablecoins, and prediction markets are attracting speculative capital. Bitcoin is losing dominance in that space.

Bloomberg Intelligence warns more downside is likely. Gold and US stocks are near record highs. Bitcoin is the weakest part of the risk-asset spectrum. Market plumbing remains stable. The network is healthy. Bitcoin is still up from pre-election levels.

Bitcoin remains highly volatile through 2025. It fell to $74,400 in April after Trump’s tariff announcement, then rallied to new highs before this retreat. A sharp selloff on October 10 triggered record liquidations after another tariff surprise.

But expectations of a run toward $200,000 now look distant. Traders question if Bitcoin can rally even with policy tailwinds, ETF support, and mainstream adoption. The market waits for clarity. Confidence is low. The next leg of the cycle remains uncertain.

Analysts say recoveries in such conditions are usually slow, uneven, and tied directly to liquidity improvements.

Why is Bitcoin suddenly sliding into a deep bear market?

Bitcoin has dropped under $93,000. The world’s largest cryptocurrency is now negative for the year. The fall is sharp. The price is down more than 26% since October after touching $126,000. Total liquidations in the last 24 hours have crossed $500 million. Market sentiment has flipped. Conviction has vanished. Bitcoin’s total market value has erased about $600 billion from its October peak. The sell-off has arrived in a year that was supposed to prove Bitcoin’s mainstream legitimacy.

Wall Street entered the crypto market aggressively this year. Spot Bitcoin ETFs pulled billions into the asset. Crypto exposure surged across institutional portfolios. The Trump administration publicly backed digital assets. Yet Bitcoin kept falling. Traders say no obvious trigger sparked the downturn. The speed of the collapse surprised even long-term believers. Analysts say retail investors got burned chasing crypto-linked stocks at the highs. Leverage surged at the wrong moment. A spike in global trade tensions in early October accelerated forced liquidations.

Why the old four-year halving cycle is fueling fear

Bitcoin halved in April 2024. Prices peaked six months later. That pattern matches earlier cycles. But institutional influence has changed the market. Many traders now fear the next leg of the cycle — a steep drawdown. Some are stepping out early. Matthew Hougan of Bitwise says retail sentiment is “so bad” that more downside is possible. With miners selling into weakness and leveraged traders exiting, the market looks fragile. The fear of history repeating may be driving the cycle more than fundamentals.

Institutional adoption rises but crypto still trades on emotion

Bitcoin now behaves more like a macro asset. Analysts see it reacting to liquidity, dollar strength, and policy shifts. Jake Kennis of Nansen says Bitcoin is less driven by predictable supply events and more by institutional flows. But the emotional core of the market remains. Risk appetite has collapsed. Altcoins are down heavily. The Trump policy boost has faded. AI, stablecoins, and prediction markets are drawing speculative capital away from Bitcoin.

What comes next for Bitcoin after the $600 billion wipeout?

Bitcoin’s $600 billion wipeout has forced the market into a critical phase. Liquidity is thin. Order-book depth is lower than it was in early October. Small trades now move prices more. Volatility risk is high. Institutions remain cautious. ETF inflows have slowed sharply. Many analysts expect consolidation, not a quick rebound.

Bitcoin now trades more like a macro asset. It reacts to liquidity. It reacts to the dollar. It reacts to Federal Reserve policy. The old halving pattern matters less. Support sits near the $90,000 to $100,000 zone. Traders watch that level closely. If institutional buyers return, the price could stabilize. If not, more downside is possible. A policy shift or easing in financial conditions could spark a sharp bounce. The next leg depends on macro forces, not just supply cycles. Bitcoin faces a crossroads. A recovery toward $120,000 to $200,000 needs fresh inflows. Without them, the market may drift or weaken further.