Bitcoin extended its losses on Thursday, sliding below the key $100,000 threshold and dropping to $96,600 during early Asian trading. The decline marked Bitcoin’s lowest level since May and came as global markets saw widespread risk-off sentiment, driven by a sharp pullback in U.S. tech stocks and weakening confidence among institutional investors.
Major cryptocurrencies followed Bitcoin lower. Ether fell to $3,182, down 12% over the past week. XRP dropped to $2.25 after an 8.8% weekly decline, while BNB slipped to $932, losing nearly 8%. Solana was among the hardest hit, falling 16.5% to $140. Dogecoin dropped to $0.161, Cardano dipped to $0.491, and TRX held relatively steady at $0.292.
Market conditions have deteriorated rapidly. ETF inflows slowed for a second straight week, long-term holders accelerated selling, and retail participation has remained weak. According to research firm 10x, the combination of fading fund support, shrinking corporate demand and slowing ETF issuance indicates the market has now shifted into a clear bear phase.
Technical Breakdown Intensifies
Bitcoin’s break below the monthly mid-range level of $100,266 removed a key layer of liquidity, exposing the market to a quicker slide into thinner price regions. Near-term support is seen between $93,000 and $95,000. A break below this zone could pave the way for a deeper decline toward the $89,600 liquidity gap, according to derivatives firm Bitunix.
On the upside, any recovery faces immediate resistance at $100,200, followed by a stronger ceiling at $107,300 — a level repeatedly rejected in recent weeks. Liquidity across the market continues to weaken, and analysts warn that no clear stabilization has formed yet. Bitunix noted that a potential base may form near $93,000, but losing that level risks accelerating downside momentum.
Nick Ruck of LVRG Research said Bitcoin’s ability to stabilize near $92,000 will depend heavily on next week’s FOMC minutes and whether policymakers signal a more dovish tone. He added that ETF outflows, a developing death-cross pattern, and uncertainty around U.S. economic data following the government shutdown are all contributing to downward pressure.
Subdued Trading Expected
Jeff Mei, COO at BTSE, said traders appear to be preparing for the possibility that the Federal Reserve may pause rate cuts in December as officials wait for updated economic data. Until a major catalyst emerges, Mei expects quieter trading conditions to persist.
Bitcoin has now erased its entire 30% gain from earlier this year. The selloff extends a month-long decline from the October 6 peak of $126,251 — a record hit during a burst of optimism surrounding the Trump administration’s pro-crypto stance. That optimism faded quickly after unexpected tariff comments from President Trump rattled markets and triggered broad deleveraging across risk assets.
Bitcoin briefly dipped below $93,700 on Sunday before recovering to around $94,800 in early Monday trading.
