"Bitcoin Price extended its losses today, sliding more than 2.5% to around $102,852 as renewed U.S. dollar strength and investor outflows from crypto ETFs weighed heavily on the market. The bitcoin price drop comes after Bitcoin's worst October performance in nearly a decade, further denting sentiment among traders already reeling from a historic liquidation event last month. Bitcoin briefly traded below $103,567, its lowest level in over two weeks, breaking below the critical 200-day moving average - a key gauge of long-term market momentum, according to Bitcoin Magazine Pro data. Since then, Bitcoin has rebounded to above $104,000 at time of writing."
"According to market analyst Damian Chmiel, a sustained break below $100,000 could trigger a sharper sell-off toward the April lows near $74,000, implying a potential 30% downside from current levels. According to updated Polymarket data, there's now an 80% chance of the Bitcoin price falling below $100,000 before 2026"
"The broader macro backdrop remains unfavorable for risk assets. Federal Reserve Chair Jerome Powell's comments last week walked back expectations of a December rate cut, reinforcing the "higher for longer" interest rate narrative. That shift has boosted the U.S. dollar while simultaneously pressuring non-yielding assets such as Bitcoin. Adding to the selling pressure, ETF investors have withdrawn more than $1.8 billion from Bitcoin and Ether products over the past four trading days, data shows, while open interest in BTC perpetual futures has fallen about 30% from its October peak, signaling a pullback in leveraged exposure."
Bitcoin pulled back more than 2.5% to around $102,852 before rebounding above $104,000, pressured by renewed U.S. dollar strength and crypto ETF outflows. The decline followed Bitcoin's worst October in nearly a decade and a recent historic liquidation event, with price briefly dipping below $103,567 and breaking the 200-day moving average. An analyst warns a sustained drop below $100,000 could reach April lows near $74,000, and Polymarket places an 80% chance of sub-$100,000 before 2026. Fed comments lifted the dollar, ETF investors withdrew over $1.8 billion, and BTC futures open interest fell about 30%. Technical support at $106,900 failed and $104,000 appears increasingly fragile.
Read at Bitcoin Magazine
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