The Bitcoin price, in its relentless descent, fell below the fateful threshold of $103,700, a level not seen since the month of June, as the crypto market endured one of the most tumultuous waves of liquidation in recent weeks. 📉
Data from the ever-vigilant Coinglass revealed that over $1.27 billion in leveraged positions were obliterated in a single day, with long traders bearing the brunt of the losses, accounting for nearly 90% of the calamity. The descent followed Bitcoin’s breach of its 200-day moving average, a critical support line that had stood firm for four months, now crumbling like a brittle structure. 🧱
The Bitcoin price’s decline incited widespread panic, driving the Crypto Fear & Greed Index to a dismal 21, a harbinger of “extreme fear.” Altcoins, in their own despair, mirrored this weakness: Ethereum (ETH) dipped 6% to $3,500, Solana (SOL) slid 10% below $160, and XRP shed 5.5%. 🧨
Market analysts ascribed the downturn to renewed uncertainty regarding the Federal Reserve’s policies. Chair Jerome Powell’s remarks last week, which tempered expectations of a December rate cut, sent Treasury yields soaring and sapped investor appetite for risk assets such as Bitcoin. 🧠
ETF Outflows and Whale Selling Amplify Pressure
The outflows from Bitcoin ETFs, amounting to $186.5 million on Monday, marked the largest single-day withdrawal since early 2024, a tempest of liquidity withdrawal. BlackRock’s iShares Bitcoin Trust (IBIT), the lone wolf in this saga, bore the brunt, while other ETFs like Fidelity’s FBTC and ARK 21Shares’ ARKB remained as stoic as ever. 💸
The sharp ETF withdrawals coincided with an intensification of whale activity across exchanges. Long-term holders, in their inscrutable wisdom, transferred over 400,000 BTC to trading platforms, a maneuver that hints at the shifting tides of conviction. One early investor, a veritable titan of the crypto realm, reportedly transferred 13,000 BTC ($1.4 billion) since October, while another whale deposited over 3,200 BTC to Kraken. 🧛
Despite rising self-custody activity on Binance, on-chain data from CryptoQuant indicated that dip-buying momentum remains fragile, suggesting accumulation may not yet be strong enough to reverse the trend. A glimmer of hope, perhaps, but not yet a beacon. ⚠️
Bitcoin Price Support at $100K in Focus as Sentiment Turns Bearish
With the Bitcoin price now hovering below key technical levels, analysts warn that a retest of the $100,000 psychological threshold is likely. Breaking this level could expose BTC to deeper losses, potentially reaching $77,000, a figure aligned with the 61.8% Fibonacci retracement zone and the April 2025 lows. 🧠
Still, some strategists maintain that the long-term bull trend remains intact. “Each correction since 2023 has been followed by renewed accumulation near the 50-week moving average,” said Joel Kruger of LMAX. “The current pullback may be painful, but it’s consistent with Bitcoin’s cyclical structure.” A comforting thought, if one can find solace in chaos. 🧘♂️
As market fear intensifies and ETF flows remain negative, the Bitcoin price’s ability to defend the $100K level could determine whether the next phase is a temporary correction or the start of a deeper retracement. A test of endurance, indeed. 🧵
Cover image from ChatGPT, BTCUSD chart from Tradingview 🖼️
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2025-11-05 02:36