Bitcoin slipped below the key $100,000 threshold on Thursday, falling to $96,600 in early Asian trading. This marks the lowest price point since May and continues a sell-off trend triggered by a reversal in U.S. tech stocks and waning institutional interest.
Major cryptocurrencies followed Bitcoin’s downward trend, with Ether, XRP, Solana, and Cardano all experiencing significant declines over the past week.
Cryptocurrency Price Movements
| Token | Current Price | Weekly Change |
|---|---|---|
| Bitcoin (BTC) | $96,600 | Below $100K (lowest since May) |
| Ether (ETH) | $3,182 | -12% |
| XRP | $2.25 | -8.8% |
| Binance Coin (BNB) | $932 | -7.8% |
| Solana (SOL) | $140 | -16.5% |
| Dogecoin (DOGE) | $0.161 | Declined |
| Cardano (ADA) | $0.491 | Declined |
| TRON (TRX) | $0.293 | Relatively steady |
Market Dynamics and Technical Outlook
Market structures have weakened with ETF inflows declining for two consecutive weeks, increased selling by long-term holders, and subdued retail participation. Research firm 10x identified these trends as indicators that the crypto market has entered a bear phase, losing support from institutional funds and ETF issuance.
Technically, Bitcoin breaking below the monthly mid-range at $100,266 cleared crucial liquidity levels, exposing it to further declines. Immediate support levels range between $93,000 and $95,000, with a potential drop toward $89,600 if these levels fail to hold, according to derivatives firm Bitunix.
Resistance lies near $100,200 and $107,300, prices Bitcoin has struggled to surpass in recent weeks. Market liquidity remains low without clear signs of stabilization.
Factors Influencing Future Movements
Market analysts note Bitcoin’s ability to stabilize near $92,000 depends on upcoming Federal Open Market Committee (FOMC) minutes and any dovish signals. ETF outflows and technical indicators like the developing death cross keep downward momentum intact. Additional uncertainty stems from potential economic disruptions following the recent government shutdown.
Jeff Mei, COO at BTSE, indicated that market participants are preparing for a possible pause in Federal Reserve rate cuts in December as policymakers await new data. Until significant macroeconomic developments occur, trading activity is expected to remain subdued.
Recent Market Context
Bitcoin’s current slide has erased all gains from earlier this year, including a 30% rally. The decline extends a month-long correction from the October 6 peak of $126,251, a record set amid optimism over the Trump administration’s pro-crypto policies.
However, sentiment shifted following unexpected tariff announcements that unsettled global markets and triggered widespread risk-off moves. Bitcoin briefly dropped below $93,700 on Sunday before recovering slightly to about $94,800 on Monday.
