Recently, the cryptocurrency market is filled with a chilling atmosphere, and Bitcoin's evening trend continues to show a weak pattern of "more falls than rises," becoming the focus of market attention. After breaking below the $100,000 mark in mid-November, on the evening of the 18th, Bitcoin further lost the key support at $90,000, hitting a low of $89,012, with a maximum single-day fall exceeding 6%, setting a new low in seven months. This not only erased all gains since 2025 but also triggered a chain reaction across the entire market.

The intensification of the evening fall of Bitcoin stems from a concentration of multiple bearish factors. On a macro level, the stickiness of U.S. inflation data exceeding expectations combined with the resilience of the job market has continuously strengthened market expectations that the Federal Reserve will delay interest rate cuts to early 2026. The rise in real dollar interest rates has directly suppressed the valuation of zero-yielding encryption assets. The funding situation has further exacerbated the issue, as Bitcoin spot ETFs, which once served as the "engine" of the bull market, have seen continuous capital outflows, with a total net outflow exceeding $2.5 billion over the past month. On the 18th, the single-day net outflow from U.S. Bitcoin spot ETFs reached $372.8 million, significantly weakening the secondary market's buying power. Meanwhile, the selling behavior of crypto whales and long-term holders has further amplified the fall. In the past month, long-term holders have sold more than 800,000 BTC, and whale wallets have cumulatively sold about 32,500 Bitcoins since mid-October. Coupled with the "long squeeze" triggered by high-leverage trading, this has created a vicious cycle of downward pressure.

The downward trend during the evening trading session has shown signs of spreading. The significant drop of Bitcoin has caused Ethereum to also fall below the $3000 mark, with a 24-hour drop of 6.43%. Mainstream cryptocurrencies like SOL and Dogecoin have collectively plunged, with declines generally between 3% and 7%. Lesser-known altcoins have suffered even more severely, with some experiencing a "half-cut" impact, as daily drops exceed 20% for certain coins. Market panic is intensifying; although the cryptocurrency Fear and Greed Index has slightly rebounded to 15, it still remains in the "extreme fear" zone. On the evening of the 18th, in just 24 hours, the total liquidation amount across the cryptocurrency network exceeded $1 billion, with the number of liquidated individuals reaching 183,500. Long positions accounted for over 70% of the liquidations, and the wealth of countless leveraged investors rapidly evaporated during the evening trading session.

From a technical perspective, the downward pressure on Bitcoin's evening performance is unlikely to ease in the short term. It has currently broken through several key moving average supports, and there has not yet been a clear stabilization signal in the $80,000-$90,000 range. The shallow market depth has significantly amplified the impact of large sell orders on prices. Analysis institutions generally believe that if liquidity continues to tighten, Bitcoin may further explore the $80,000-$85,000 level in the evening, and the short-term trend of oscillating downward may continue.

For investors, Bitcoin's performance of more falls than rises during the evening once again sounds the alarm for high-risk assets. Its inherent characteristic of "slow rise and fast fall" is more pronounced against the backdrop of tightening macro liquidity and a fragile market structure. The current market is experiencing the growing pains of a valuation system reconstruction, and ordinary investors need to be cautious of leverage trading risks, rationally view the volatility attributes of encryption assets, and avoid blind operations amid panic emotions. The future trend of Bitcoin will still depend on core variables such as the Federal Reserve's monetary policy direction, ETF fund flows, and institutional allocation rhythm, with fluctuations during the evening trading hours likely becoming an important observation window for market sentiment and capital movements.