Crypto Under Pressure as Bets on US Rate Cuts Fade - Here’s What’s Next

Bitcoin and altcoins face mounting pressure as traders unwind expectations of Federal Reserve easing. The crypto market's dependency on liquidity narratives gets exposed—again.

Key levels to watch: Can BTC hold $30K? Will Ethereum's Shanghai upgrade provide a catalyst? Meme coins look most vulnerable in this risk-off shift.

Wall Street's latest 'risk-on, risk-off' whiplash shows crypto still dances to traditional finance's tune. Some things never change.

TLDR

• Crypto analyst DonAlt, who accurately predicted the 2021 Bitcoin bear market, warns Solana’s chart shows one of the most bearish setups in months after failing to break $208 resistance
• Solana could fall over 21% to around $120 unless it reclaims the $190-$215 range, currently trading at $153
• Bitcoin remains cautiously bullish as long as it holds above $104,000, but dropped below $100,000 during U.S. trading hours on November 13
• Crypto-linked stocks hit hard with miners like Bitdeer down 19% and Bitfarms down 13% as markets price in 50/50 odds for December Fed rate cut
• The recent government shutdown created a fiscal surplus that drained market liquidity, but analysts expect liquidity to return in coming quarters

A crypto analyst known for correctly calling Bitcoin’s 2021 bear market is issuing a warning about Solana. The pseudonymous trader DonAlt told his 695,200 followers on November 12 that Solana’s price chart represents one of the most bearish high-timeframe setups he has seen in months.

$SOL update:

I've been bear posting this for a while now
Worth wile to talk about invalidation

Pretty simple, reclaim the red box ($190-$215) and it recovers structurally
Until then it's still ragingly bearish and only interesting for a (temporary) bounce from range low pic.twitter.com/0WzDi01HAE

— DonAlt (@CryptoDonAlt) November 12, 2025

Solana failed to break through resistance NEAR $208. This failure has set up a potential decline of more than 21% from current levels.

DonAlt stated that solana needs to reclaim the $190 to $215 range to recover structurally. Until that happens, he considers the asset bearish and only suitable for temporary bounces from range lows.

At the time of reporting, Solana traded at $153, down 2% over 24 hours. The analyst suggested a fall toward $120 remains possible unless buyers step in soon.

Bitcoin Tests Critical Support Level

While bearish on Solana, DonAlt maintains a cautiously optimistic view on Bitcoin. He said Bitcoin could see a bullish close on the weekly chart as long as it stays above $104,000.

The trader noted that Bitcoin’s bullish structure could break down temporarily if it drops below $90,000. However, until that level is reached, the setup remains intact.

On November 13, Bitcoin dropped below $100,000 during U.S. trading hours. The cryptocurrency fell to this level in the early afternoon on the east coast after reaching as high as $104,000 overnight.

Bitcoin traded at $100,332 at press time, down 1.2% over 24 hours. Solana was down 1.5% and trading at $150.11.

Crypto Markets Weaken During U.S. Hours

Bitcoin and other cryptocurrencies have shown a pattern of losing ground during U.S. market hours in recent weeks. This trend continued on November 13 with bitcoin plunging below $100,000.

The decline came as broader risk assets fell. Investors are adjusting to the possibility that the Federal Reserve may not cut interest rates in December.

The Nasdaq dropped 2% and the S&P 500 fell 1.3%. Markets now price in roughly 50/50 odds for a 25 basis point rate cut next month.

Paul Howard, senior director at trading firm Wincent, noted that crypto is now more closely linked to macroeconomics than ever before. With six weeks left in 2025, Howard believes the all-time highs for this year may have already been reached.

Crypto Stocks Experience Heavy Losses

Crypto-linked equities took heavy losses on November 13. Mining companies with AI infrastructure and data center exposure were hit particularly hard.

Bitdeer plunged 19% and Bitfarms dropped 13%. Cipher Mining and IREN lost over 10%.

Other crypto sector stocks also saw steep declines. Galaxy, Bullish, Gemini and Robinhood were all down 7% to 8%.

Government Shutdown Impact on Liquidity

The recent government shutdown has affected market liquidity. Market analyst Mel Mattison noted that the federal government ran a $198 billion fiscal surplus in September.

October data was expected to show an even greater surplus. Much of Washington D.C. was shut down for the entire month.

Mattison described this as one of the driest periods for fiscal liquidity in months or years. However, he expects liquidity to return in coming quarters.

The TRUMP administration is expected to increase fiscal spending to defend the midterm elections. The next couple of weeks could remain choppy until liquidity returns to markets.