Jakarta. Bitcoin (BTC) fell to $89,804 Tuesday morning in Asia, its lowest level in six months, wiping out all 2025 year-to-date gains. The drop, about 27 percent from its October peak, triggered a sharp pullback across the top 10 cryptocurrencies.

In the last 24 hours, BTC lost 5.8 percent, shrinking its market cap by 5 percent, while Ethereum (ETH) fell 6.7 percent, XRP 4.6 percent, Solana (SOL) 4.5 percent, and Cardano (ADA) 6 percent. Over the past week, Bitcoin is down 15 percent, Ethereum 16 percent, and Cardano 21 percent, pushing the global crypto market cap to $3.08 trillion, a 4.9 percent decline in one day.

The Crypto Fear & Greed Index hit 10 (“Extreme Fear”) Sunday, the lowest since February, remaining in the extreme zone at 14 Monday, reflecting heightened market anxiety.

According to Indodax, analysts point to the closure of a CME futures gap at $92,000, open since April 2025, as a major technical driver. While gap closure is a normal market adjustment, liquidity and demand remain weak, leaving Bitcoin vulnerable to further swings.

Macro factors add pressure. US economic data showed stronger activity, with the Empire State Manufacturing Index rising to 18.7, reducing expectations for a Fed rate cut in December. Markets now see a 55–60 [[ercent chance rates remain unchanged, encouraging risk-averse positioning and further selling in crypto.

On-chain signals indicate realized losses stabilizing, a pattern often seen during short-term holder capitulation, suggesting a possible late-stage correction but not a confirmed bottom.

Technically, Bitcoin could test $60,000–$70,000 near its 200-week exponential moving average (EMA), with $76,000 acting as next support if selling pressure accelerates. Traders are watching closely for volatility and liquidity cues to gauge the market’s next move.