Bitcoin slid to its lowest level in nearly seven months on Tuesday, briefly breaching the $90,000 threshold as investors dialed back expectations for a Federal Reserve rate cut in December and awaited a backlog of U.S. macro releases. The token later pared losses to trade 2.6% lower at $92,482 as of 09:40 ET (14:40 GMT).

The decline took Bitcoin as low as $89,409 in the past 24 hours—about 30% below its late-October record above $126,000—after price action failed to hold support near $94,000 and flashed a “death cross” on short- versus long-term moving averages.

Fed Doubts Keep Risk Appetite Muted

With the government reopened after a record shutdown, the next round of data—beginning with September nonfarm payrolls on Thursday—is set to reframe policy odds. For now, officials’ cautious tone has left markets uncertain heading into the Dec. 10–11 meeting.

“If inflation and labor data show further cooling, a short-term rebound could follow; if not, markets are likely to stay range-bound and flow-driven heading into the weekend,” said Iliya Kalchev, Nexo Dispatch Analyst.

ETF Outflows and Forced Selling Intensify Pressure

Institutional demand has cooled as spot Bitcoin ETFs registered fresh outflows, while crypto-exposed equities and miners extended losses. Derivatives markets added fuel: earlier this month, over $19 billion in leveraged crypto positions were liquidated within 24 hours, exacerbating downside momentum.

Cloudflare Outage Hits Crypto Platforms

Market nerves were compounded by a major Cloudflare network outage that disrupted front-end services across parts of the internet. Coinbase and Kraken were among affected exchanges, while non-crypto services including ChatGPT, Spotify, and X also reported issues. Cloudflare flagged an “internal service degradation” at ~11:48 UTC, later saying a fix was being rolled out. The firm has not confirmed whether the incident was tied to scheduled data-center maintenance.

Altcoins Mirror Bitcoin’s Slide

Selling broadened across large-cap tokens:

• Ether (ETH): –2.5% to $3,074.07
• XRP: –4.4% to $2.18
• Solana (SOL): –2.0%
• Cardano (ADA): –5.0%
• Polygon (MATIC): –4.0%
• Dogecoin (DOGE): –3.0%
• $TRUMP: –2.0%

What to Watch

• Thursday: September U.S. nonfarm payrolls—the first major labor print since the shutdown; a softer read could revive near-term cut hopes.
• Flows: Direction of spot ETF subscriptions/redemptions after the latest risk-off wave.
• Technical levels: Support near $90,000 and resistance around $94,000–$96,000 after the death-cross signal.