Bitcoin extended losses, dropping over 24% from its all-time high of $126,000 in October. Amid a stock market rout driven by uncertainty over Federal Reserve rate cuts, the token dipped below $95,000 but was trading above $96,000 midday.

Outflows from bitcoin exchange traded funds hit the second-highest daily level on Thursday, contributing to the token’s steady decline following last month’s sharp selloff triggered by leveraged liquidations and selling from large long-term holders.

10X Research data shows no significant marginal buyer stepping in, confirming Bitcoin is in a bear market regime. The firm warns of further drops if Bitcoin falls below $93,000, with no rally expected without a December interest rate cut and dovish Fed moves.

Fundstrat’s Sean Farrell turned cautious on the crypto market, citing lack of momentum and catalysts. He notes a longer-than-expected government shutdown and delayed liquidity boost could reset valuations and bring buyers back in, particularly if Bitcoin revisits the low $90K range.

Read more at Yahoo Finance: Bitcoin in ‘bear market regime’ as cryptocurrency falls below $95,000