Crypto Price Today: Bitcoin falls below $92,000; XRP, Chainlink decline over 3%

Bitcoin extended its previous day's decline, slipping below $92,000 on Tuesday amid profit-taking and the Federal Reserve's forecast of just two rate cuts for 2025, down from four in September due to persistent inflation.

At 10:26 am IST, Bitcoin was trading at $92,314, down 1%, with an intraday low of $91,317. Meanwhile, Ethereum was trading 1.8% lower at $3,326.

The selling pressure is partly due to investors cashing out after Bitcoin surged more than 117% this year. Uncertainty around the Federal Reserve’s rate policy for 2025 is adding to the cautious sentiment, especially with the Fed signaling a pause in rate cuts until at least March.


"Bitcoin is encountering resistance at $93,000 after witnessing strong volatility due to profit-taking and concerns about a potential economic slowdown. Bitcoin spot ETFs reported a cumulative $378 million in outflows yesterday, signaling a cautious stance among institutional investors," said Vikram Subburaj, CEO of Giottus.

"If $92,000 fails to hold, a new local low below $90,000 becomes a possibility," Subburaj added.

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Edul Patel, CEO of Mudrex, said, "Bitcoin rallied near $95,000 before profit-taking brought it back to $92,400. Liquidations of over $259 million in the past 24 hours have added to the pressure."

Despite retail selling, institutions like MicroStrategy are taking advantage of the dip, buying 2,138 BTC for the eighth consecutive week, showing strong confidence in the asset class. "Current market conditions suggest a potential 'January Effect' as investor sentiment remains strong," Patel noted.

Other major cryptocurrencies also saw declines, including XRP (3%), Solana (0.5%), Dogecoin (2%), Cardano (2.7%), Tron (2%), Avalanche (3%), Chainlink (3.5%), and Shiba Inu (3.4%).

"XRP continues to be weighed down by the prevailing bearish sentiment through losses after losses. Breaking down through critical support levels, XRP potentially heads lower toward $1.90, with signals shown by technical indicators pointing toward weak momentum and little interest from buyers in the near term," said Avinash Shekhar, Co-Founder & CEO, Pi42.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)