Bitcoin’s Fall: Is $100K the Next Stop on the Descent into Crypto Chaos?

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Ah, Bitcoin. A currency once thought to be the savior of the modern world, now clinging to life by a thread. After the great rejection from the resistance above $116,000, the bears have come out of hibernation, grinning like cats who got into the cream. What’s next? A correction, of course-because why wouldn’t it be? With a drop below $105,000, the market is beginning to look more like a circus act in slow motion. Traders, glued to their screens like moths to a flame, are watching every on-chain flow and derivative position with the intensity of a soap opera marathon. Will the bulls ever return? Or have we seen the last of their glory days? Only time will tell. 🤔

So, Is Bitcoin Heading for $100K, or Is That Just a Dream?

The mighty Bitcoin is showing weakness, and the sentiment? Well, let’s just say “extreme fear” is an understatement. In fact, this week alone, Bitcoin saw a mere $850 million in ETF outflows, as the world watches Gold setting new records like a rock star at the peak of their career. Gold has surged by over 65% this year, while Bitcoin has barely mustered a 13% rise. I guess nobody’s really afraid of missing out on Bitcoin anymore. 😬 Historically, Bitcoin has never ended October in the red, but then again, 2025 is shaping up to be a year of firsts. Does that mean we’re on the verge of a deeper correction? Probably. Buckle up.

Ah yes, the 200-day EMA. Bitcoin has just broken below this crucial level at $108,039, which, to be blunt, is like watching a once-proud fighter lose their footing in the final round. This shift in momentum, coupled with weakening RSI signals, points to one thing: the bears are starting to pull ahead. This is no longer a minor stumble; it’s a full-blown tumble. 😳

Chart Structure & Patterns

  • Ascending Trendline Broken: The long-term support that Bitcoin had been riding since March 2025? Well, it’s been breached. There goes that uptrend. Say hello to the downtrend.
  • Horizontal Support Zone: Bitcoin is now hanging by a thread between $105,000 and $106,000. A daily close below this range? Kiss any hope of a recovery goodbye.
  • Previous Resistance Zone: The $116,000-$118,000 range is now a graveyard for dreams, where Bitcoin tried but failed to push higher, forming a double-top pattern-your classic bearish reversal setup.

Indicators

  • RSI (14): Sitting comfortably at 34, a clear signal that Bitcoin is plunging toward oversold territory, but no one’s popping the champagne yet. Not until it turns around.
  • 200-day EMA: It’s now acting as a dynamic resistance level. Reclaim it? Well, that would be nice, but it’s starting to look like a long shot.
  • Volume: Increasing volume on red candles. It’s not panic selling, folks; it’s controlled distribution. Bears are steering this ship with precision.

Key Levels to Watch

Zone Type Implication
$108,000-$109,000 200-day EMA / Resistance Reclaim is needed to avoid deeper correction
$105,000-$106,000 Immediate Support If this breaks, it’s a downhill slide.
$100,600-$98,200 Major Support Zone Brace for impact. This is the next big hurdle.
$123,400 Local Resistance Breaking this would be like a miracle, but miracles happen, right?

Price Targets

  • Bearish Target 1: $102,000 – where Bitcoin had its little breakout back in May. But don’t get too comfortable, we’re going lower.
  • Bearish Target 2: $98,000 – the zone where Bitcoin once gathered strength. Now it’s just a target for the short-term bears. 🐻
  • Bullish Recovery Target: Should Bitcoin defy all odds and recover, a close above $110,000 could set up a retest of $116,000. Stranger things have happened, right? 😅

Bitcoin is at a crossroads. It’s like standing on a cliff, looking down at a critical support level. The loss of the 200-day EMA and the breakdown from the ascending trendline suggest we’re entering a bear phase-unless the bulls have a miracle up their sleeves and reclaim $108,000 soon. If not? Well, brace for the plunge. We could see Bitcoin drifting towards $100,000-$98,000 before any hope of stabilization. Hold onto your hats, folks. This ride’s not over yet.

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2025-10-17 15:19