Bitcoin Nears Key $90K Support, Ethereum Tests $3K Amid Market Pullback
Bitcoin is consolidating near the $90,000 support zone after a rapid decline in risk assets. The $90K level aligns with the prior Q1 correction’s demand area. A decisive break below could open a slide toward $75,000, while a rebound above the downward trend line may signal a recovery. Ethereum is under steady supply pressure, testing support near $3,000 amid capital outflows from risk-sensitive assets.
The broader market pullback is driven by concerns over an AI bubble, stretched tech valuations and uncertainty about December interest rate cuts. Nvidia’s Q3 results, due after the US close, could steer sentiment across equities and digital assets. Traders will monitor Nvidia’s earnings for guidance on the so-called ‘magnificent seven’ tech stocks that have fuelled recent gains. The coming sessions may define the next directional move for both Bitcoin and Ethereum.
Bearish
Bitcoin’s failure to gain upside momentum at a critical $90K support amid rapid risk-off conditions suggests a higher probability of a downside break. Historical parallels show that swift corrections often lead to further selling until a stronger demand zone emerges. Ethereum’s pressure near $3,000 reinforces this bearish bias. Although Nvidia’s Q3 results could shift sentiment, the prevailing caution around an AI bubble and potential pause in rate cuts points to continued downside risk in the short term. Long-term market stability will depend on broader tech earnings and macro developments.