Bitcoin’s sell-off intensified Thursday as the cryptocurrency slid decisively below the $100,000 threshold, falling to $96,600 during early Asian hours and marking its lowest level since May. The decline came amid another wave of risk-off sentiment globally, sparked by a sharp downturn in U.S. tech stocks and weakening conviction among institutional investors.
The weakness spread across altcoins. Ether dropped to $3,182, down 12% over the week, while XRP slipped to $2.25 following an 8.8% decline. BNB also retreated, falling to $932 and losing nearly 8% across the same period.
Market fundamentals have continued to deteriorate. ETF inflows have slowed for the second consecutive week, long-term holders are accelerating distribution, and retail activity remains muted. According to research firm 10x, these combined pressures indicate the market has now transitioned into a clear bearish phase as the usual sources of structural support—corporate treasury allocation, ETF creation, and institutional flows—have weakened simultaneously.
From a technical standpoint, bitcoin’s drop through the monthly mid-range at $100,266 has cleared out a major liquidity band, increasing the risk of a swift move through thinner market areas. Analysts expect the $93,000–$95,000 region to serve as immediate support. A breakdown below that zone could trigger a deeper push toward the $89,600 liquidity gap, derivatives exchange Bitunix said.
Any rebound faces stiff resistance, first near $100,200 and then at $107,300, a level BTC has repeatedly failed to overcome in recent attempts. Meanwhile, broader market liquidity continues to trend lower with no firm sign of stabilization.
Bitunix noted that bitcoin could still form a temporary base around the $93,000 level, though a failure to hold would likely accelerate the sell-off into lower structural pockets. Nick Ruck of LVRG Research added that whether BTC can steady near $92,000 may depend on next week’s FOMC minutes and any hint of dovishness. ETF outflows, a looming death-cross pattern, and uncertainty tied to delayed economic releases after the government shutdown are keeping downward pressure in place.
The latest decline has erased the entire 30% upside bitcoin captured earlier in the year, extending a month-long unwind from the Oct. 6 record high of $126,251. That peak had been driven by optimism surrounding the Trump administration’s pro-crypto stance, enthusiasm that reversed after unexpected tariff comments sparked a broad de-risking across global markets.
Bitcoin briefly dipped below $93,700 over the weekend before recovering to about $94,800 in early Monday trading.
