Bitcoin (BTC) price fell to $92,000 as long-term holders continue to take profits

Cryptocurrency prices are in turmoil on Monday due to weak US macroeconomic data and widespread profit-taking.

Bitcoin (Bitcoin) rose 1.8% over the past 24 hours to $91,800, a price not seen since December 5, the day it broke the $100,000 barrier for the first time. The largest cryptocurrency has fallen more than 14% from its December 17 record of $108,278.

ether (Ethereum( ) lost less, falling 0.7% to $3,320, though it is now 17% below its December highs, and has yet to surpass the record $4,820 it set in 2021.Sol) has also proven to be a bit stronger than Bitcoin, with the SOL/BTC ratio up 0.35% today.

the CoinDesk 20 – The index of the top 20 cryptocurrencies by market cap, excluding stablecoins, memecoins and exchange coins – is also in the red, falling by 3.74%. ripple (XRP) and the star (XRM) took the biggest hits, down 6% and 6.3% respectively, while the most resilient coin next to ether was Litecoin (ltc), which is 1.9% lower.

Shares of companies related to cryptocurrencies were also hit hard. Shares of MicroStrategy (MSTR) and Coinbase (COIN) fell 7% and 5.3%, respectively, and shares of major Bitcoin mining companies such as MARA Holdings (MARA) and Riot Platforms (RIOT) fell more than 7%.

The selling pressure is partly due to investors withdrawing their money after Bitcoin rose more than 117% this year. Profit taking is currently exceeding $1.2 billion on a seven-day moving average, and while this is well below the December 11 peak of $4.0 billion, it is still much more than usual. In addition, the lion’s share of profits is taken by investors who have held Bitcoin for many years.

The macro economy is also weighing on the market, with the US Chicago Purchasing Managers’ Index – which measures the performance of the Chicago area’s manufacturing and non-manufacturing sectors – recording its lowest reading since May, indicating that an economic slowdown is underway.

Uncertainty over the Fed’s interest rate policy through 2025 doesn’t help, as the US central bank has indicated it will pause interest rate cuts until at least March. The inauguration of President-elect Donald Trump, scheduled for January 20, may also play a role. The S&P 500, Nasdaq and Dow Jones indexes fell more than 1%.

“The market beat expectations in 2024, but signs of exhaustion indicated a need for consolidation,” Joe Carlasar, partner at Amundsen Davis, told CoinDesk. “Looking to 2025, I am optimistic but expect the path to deviate from consensus, as markets often do. Bitcoin adoption continues to grow, and I expect it to move generally in line with traditional markets. If the US avoids significant growth with a slowdown, it should be Bitcoin is performing well, although the ride may be bumpier than in 2024.”