UPDATE: Nvidia earnings exceeded expectations, causing the cryptocurrencies to surge. Bitcoin came back above $90,000 in under an hour. More information here.
Bitcoin dropped more than 5% today, slipping below $89,000. It’s the lowest price in months, and it continues a downward trend seen throughout November. The broader crypto market also moved lower, with Ethereum down nearly 9%, and other major coins like XRP, Solana, and BNB losing between 7–8%.
The Fear and Greed Index is currently at 15, indicating “Extreme Fear.” This is the eighth consecutive day it has remained in that zone, highlighting sustained caution among traders.
Read also: Crypto Sentiment at Record Low: Fear and Greed Index Hits 10 for Second Day
Market Eyes Nvidia’s Report
Many investors are now waiting for Nvidia’s earnings report, due later today. The company’s performance is seen as a key signal for the AI sector and tech stocks in general. A disappointing result could spark broader weakness across equity markets, which may affect crypto as well.
Nvidia’s stock has already declined around 10% from its recent high. Given its role in AI-driven optimism, traders expect its report to influence risk sentiment beyond just traditional tech.
Liquidations and Technical Weakness
Over $100 million in long positions were liquidated within an hour earlier today, as Bitcoin dropped through key support levels. These liquidations accelerate selling and often lead to sharp moves.
Bitcoin also broke below its 365-day moving average – a trendline it had held through all corrections since 2023. This breakdown is seen by many as a signal that momentum has shifted, although other technical indicators like RSI signal oversold conditions.
Read also: Can Ethereum’s Fusaka Upgrade Trigger a Price Rebound?
Sentiment Remains Low
The crypto market has been trending down throughout November, with most major tokens showing double-digit losses over the past 30 days. The consistent fear readings, combined with low volume and limited buying pressure, suggest the market remains risk-off.
What happens next may depend heavily on Nvidia’s earnings report and the broader reaction from equity markets. For now, traders should be prepared for potential volatility.
