bitcoin fell further into a deeper decline on Thursday, breaking below the psychological level of $100,000 and falling to $96,600 in early Asian trading.
The move marks the lowest figure since May and follows another wave of risk-off selling in global markets, sparked by a sharp reversal in U.S. technology stocks and waning conviction among institutional allocators.
Major tokens extended losses along with bitcoin. Ether fell to $3,182, down 0.8% on the day and down 12% for the week. was trading at $2.25 after an 8.8% weekly drop, while BNB fell to $932, losing 7.8% over the same period.
solarium was among the hardest hit, falling to $140 after a 16.5% weekly drop. fell to $0.161, Cardano fell to $0.491 and remained relatively stable at $0.292 despite broader weakness.
The broader structure of the market has deteriorated rapidly. ETF inflows have slowed for the second week in a row, long-term holders continue to unwind at a rapid 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 breakdown
Technically, bitcoin’s break below the monthly midrange of $100,266 cleared a key liquidity shelf, exposing a rapid decline into thinner regions. Short-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 bounce faces resistance at $100,200 and then $107,300, a level repeatedly rejected in recent weeks. Market liquidity continues with a downward trend without clear stabilization yet.
A base may form near $93,000, but any collapse risks accelerating into lower structural pockets, the company added.
Nick Ruck of LVRG Research added that Bitcoin’s attempt to stabilize near $92,000 will largely depend on whether next week’s FOMC minutes offer any dovish tilt. Fund outflows from ETFs and a rising death cross signal have maintained downward momentum, and uncertainty around economic releases following the government shutdown may add more noise.
Moderate trading likely
Jeff Mei, chief operating officer at BTSE, said the market appears to be bracing for the possibility of the Federal Reserve pausing cuts in December, especially as policymakers wait for updated data. Until then, subdued activity is likely to persist unless a major macroeconomic catalyst emerges.
Bitcoin has now erased the entire 30% gain it made earlier this year. The drop extends a month-long pullback from the Oct. 6 high of $126,251, a record hit during the height of optimism surrounding the Trump administration’s pro-cryptocurrency stance.
That enthusiasm was quickly reversed after the president’s unexpected tariff comments shook global markets and triggered broad deleveraging across risk assets.
Bitcoin briefly fell below $93,700 on Sunday before recovering to around $94,800 in early trading on Monday.
