Bitcoin fell further into a deeper decline on Thursday, falling below the psychological $100,000 level and falling to $96,600 in early Asian trading.
This is the lowest figure since May and follows a new wave of risk-free selling in global markets, triggered by a sharp reversal in US technology stocks and a loss of conviction among institutional allocators.
Major tokens extended losses alongside bitcoin. Ether slipped to $3,182, down 0.8% for the day and 12% for the week. was trading 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 hardest hit, sliding to $140 after a 16.5% weekly decline. fell to $0.161, Cardano slipped to $0.491 and remained relatively stable at $0.292 despite broader weakness.
The overall market structure deteriorated rapidly. ETF inflows have slowed for the second week in a row, long-term holders continue to offload at an accelerating pace and retail flows remain depressed.
Research firm 10x said the confluence of these factors confirms that the market has now entered a bearish phase, with the loss of structural support from funds, companies and ETF issuances.
Technical failure
Technically, Bitcoin’s break below the monthly mid-range at $100,266 released a key liquidity pool, exposing a rapid slide into thinner regions. Near-term support lies between $93,000 and $95,000.
A loss of this band could open the door to a deeper test near the $89,600 liquidity gap, derivatives firm Bitunix told CoinDesk via email. On the upside, any rebound faces resistance at $100,200 and then $107,300, a level rejected several times in recent weeks. Market liquidity continues to decline without any clear stabilization yet.
A base could form near $93,000, but any breakout is likely to accelerate in lower structural pockets, the firm added.
LVRG Research’s Nick Ruck added that Bitcoin’s attempt to stabilize near $92,000 will depend heavily on whether next week’s FOMC minutes offer a dovish guidance. ETF outflows and the emergence of a death cross signal have kept the momentum moving downward, and uncertainty around economic releases following the government shutdown could add further noise.
Probably moderate exchanges
Jeff Mei, COO at BTSE, said the market appears to be bracing for the possibility that the Fed will pause its cuts in December, especially as policymakers wait for updated data. Until then, weak trade is likely to persist unless a major macroeconomic catalyst emerges.
Bitcoin has now erased the entire 30% gain recorded earlier this year. The decline spans a month since the October 6 high of $126,251, a record reached at the height of optimism around the Trump administration’s pro-crypto stance.
That enthusiasm quickly reversed after the president’s unexpected comments on tariffs shook global markets and triggered a broad deleveraging of risk assets.
Bitcoin briefly fell below $93,700 on Sunday before returning to around $94,800 in early trading on Monday.
