Bitcoin slipped further into a deeper decline on Thursday, breaking below the psychological $100,000 level and falling to $96,600 in early Asian trade.
The move marks the lowest pressure since May and follows another wave of risk selling across global markets, triggered by a sharp turnaround in US technology stocks and fading conviction among institutional allocators.
Major tokens extended losses along with bitcoin. Ether fell to $3,182, down 0.8% on the day and 12% on the week. traded at $2.25 after an 8.8% weekly decline, while BNB fell to $932, losing 7.8% over the same period.
Solana was among the worst hit, falling to $140 after a weekly decline of 16.5%. fell to $0.161, Cardano fell to $0.491, and held relatively steady at $0.292 despite broader weakness.
The broader market structure is rapidly deteriorating. ETF inflows have slowed for a second week in a row, long-term holders continue to unload at an accelerating pace, and retail flows remain squeezed.
Research firm 10x said the confluence of these factors confirms the market has now entered a bearish phase with the loss of structural support from funds, companies and ETF issuance.
Technical breakdown
Technically, bitcoin’s break below the monthly intermediate range of $100,266 cleared an important liquidity shelf, revealing a rapid slide into thinner territory. Short-term support is $93,000 to $95,000.
A loss of that band could open the door to a deeper test near the $89,600 liquidity gap, derivatives firm Bitunix told CoinDesk via email. On the positive side, any rebound meets resistance at $100,200 and then $107,300, a level that has been repeatedly rejected in recent weeks. Market liquidity continues to trend lower with no clear stabilization yet.
A base could form near $93,000, but any breakdown risks accelerating into lower structural pockets, the firm added.
Nick Ruck of LVRG Research added that bitcoin’s attempt to stabilize near $92,000 will depend a lot on whether next week’s FOMC minutes offer a dovish lean. ETF outflows and a growing death cross signal have kept momentum pointed to the downside, and uncertainty over economic releases following the government shutdown could add further noise.
Probably subdued trading
Jeff Mei, COO at BTSE, said the market appears to be bracing for the possibility that the Fed will pause tapering in December, especially as policymakers wait for updated data. Until then, muted trading is likely to continue unless a major macro catalyst emerges.
Bitcoin has now erased the entire 30% gain it achieved earlier this year. The slide extends a month-long unwind from the Oct. 6 peak of $126,251, a record reached during the height of optimism surrounding the Trump administration’s pro-crypto stance.
That enthusiasm quickly turned after the president’s unexpected tariff comments jolted global markets and triggered a broad deleveraging across risk assets.
Bitcoin briefly dipped below $93,700 on Sunday before rebounding to around $94,800 in early Monday trading.
