CNBC's MacKenzie Sigalos reports on a key bitcoin technical signal that just flipped bearish — and without a fast recovery, traders warn the next leg lower could already be in motion.

Wall Street

Bitcoin's price has fallen below $93,000, marking a seven-month low and triggering a 'death cross' technical pattern, which is often seen as a bearish signal. The decline has been accompanied by significant outflows from institutional investors, weak demand from Asia, and the liquidation of leveraged positions, as well as the largest weekly outflows from Bitcoin ETFs since February.

Retail investors have shifted away from spot Bitcoin into crypto treasury assets and AI-linked miners, but these trades are also under pressure. Analysts note that stable coin demand is booming, with some funds moving exposure toward stable coins, while debate continues over the impact of these trends on the broader crypto market.

Bitcoin drops below $93,000 as momentum breaks

McKenzie Sagalos joins us now with what's been driving the recent downside action. It's got to be a lot of things, Mac, but what can you tell us about what the charts are telling us? So, Dom, the sell-off that's underway right now is setting up for a make-or-break moment in the crypto market. You've got Bitcoin plunging to a seven-month low below $93,000, and that drop has triggered a death cross. Now, this is a bearish signal that forms when short-term momentum falls behind the longer-term trend. And typically, when Bitcoin flashes that signal, the next seven days become the inflection point. If it doesn't bounce back quickly, that signal has historically been followed by another leg lower before any real recovery. And the institutional money leaving the space, that's dragging confidence even lower. Whales sailing, weak Asia demand and leverage longs getting wiped out have all added pressure, and those Bitcoin ETFs just posted their largest weekly outflows since February. And even with a pro-crypto president in the White House, analysts say that part of this comes down to policy uncertainty. And then there's the retail buyer. Instead of purchasing spot Bitcoin, we've seen those investors start to rotate into crypto treasury names and AI-linked miners. Even those trades are cracking now. Bitmine immersion and strategy are both under pressure. And strategy just disclosed its biggest Bitcoin purchase since this summer, yet it's now trading close to its Bitcoin net asset value. That's a clear sign that the premium has vanished. So bottom line here, Dom, retail got burned, chasing the highs. So far, institutions are not buying the dip, and then thinning liquidity is exaggerating every move. All right. So, Mac, one of the other things that some of the crypto analysts and watchers out there have pointed to is the massive boom we've seen in stable coin demand and issuance as well, maybe even taking the place of using things like Bitcoin and Ethereum and those blockchains. How exactly has the stable coin picture impacted maybe this latest leg lower in things like Bitcoin and Ethereum? Well, there are two schools of thought related to this. So on the one hand, you've got names like Cathie Wood moving her ARK investment fund into more of stable coin exposure, saying that it's fulfilled some of the use cases that she initially thought Bitcoin might be able to succeed in doing, especially in emerging markets. But then you would have a name like Tom Lee, who's behind Bitmine immersion. This is an Ether proxy trade. And he talks about the fact that, you know, they're firmly invested in Ether. They're a permanent holder. But he also talks about the fact that this treasury asset strategy is beneficial to the spot market because of the fact that total value lock. So the amount of money that is locked into Ethereum is reflective of the trade. And so you talked about stable coins. And part of the strategy here is that they are built on top of blockchains like Ethereum, like Solana. And so that's a net benefit for the underlying crypto asset that's pegged to it.

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