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Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
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Bitcoin slipped below $100,000 for the first time since June 2025 and officially entered bear market territory with a 20% drop from its October 6 record as crypto markets wiped out more than $1 trillion in total market capitalization.
The steep decline, driven primarily by unprecedented levels of leverage rather than weakening fundamentals, has left 300,000 traders liquidated daily on average as crypto adoption, deregulation and technological advancement continue at a record pace.
The massive selloff can be traced to high leverage amplifying market swings, particularly the $20 billion liquidation event on October 10.
“Leverage is a wild drug,'” noted The Kobessi Letter, which describes how the market evolved into its most reactive form in history amid Trump’s posts and headlines.
Technical Breakdown and Support Levels-What’s Next for BTC?
Bitcoin lost key support at the 85th percentile cost base of around $109,000 and is now close to $103,500, according to Glassnode data.
The next key level lies at the 75th percentile cost base near $99,000, which has historically provided support during pullbacks.
CryptoQuant reported that short-term holders have stepped up the loss-selling pressure, saying, “today alone, we see about 30,300 BTC deposited underwater, reflecting a growing wave of capitulation among recent buyers.”
The pressure continues as the STH-SOPR passes around 1, typically indicating stress and fragile confidence.
“Whenever the price tries to recover and reach the realized STH price (currently around $112,500), we see an immediate profit or break-even exits,“CryptoQuant noticed.
“These reactions create resistance above and make it more difficult for the price to break higher.“
Why do institutions continue to buy despite the bloodbath
Earlier today, data from Binance revealed that Bitcoin is trading below its $112,245 moving average, with unrealized losses at just 0.06%.
CryptoQuant analysts observed that this means “only a small percentage of traders on Binance are currently holding their coins at a loss, indicating that most positions were opened at or below the current price..”
“In other words, the market has not yet entered a phase of widespread losses or significant selling.“, the analyst added.
Despite the October correction, market sentiment remains cautiously optimistic as we enter November.
Bitcoin ETFs have recorded inflows of nearly 50,000 BTC over the past 30 days, indicating continued institutional accumulation.
“The accumulation of currencies by the main market participants, the trade agreement between Washington and Beijing, and a moderately positive stock market performance pave the way for a possible recovery in November.“, said Shawn Young, Chief Analyst at MEXC Research, when speaking with Cryptonews.
Young added that November is historically strong for cryptocurrencies. “This seasonal factor, combined with the growing inflows into Bitcoin ETFs (almost 50,000 BTC in the last 30 days), indicates the continued accumulation of institutional positions.”
Key resistance now lies between $111,000 and $113,000.
“A break of this level could trigger upward momentum and open the way to $117,000, and with favorable macroeconomic news, a retest of the all-time high of $126,000,” Young explained.
Bear Case vs. Bull Case Outlook
Analyst Plan C maintains his base case for continued bull market conditions, expecting recovery after just below the 50-week moving average.
However, he directly addressed the growing fears. He said that “a lot of the fear now comes from people who have PTSD from previous Bitcoin events like the FTX/Luna collapse, or from the recent mass liquidation events if they held altcoins.“
Plan C emphasized how institutional adoption fundamentally changed market dynamics.
“With institutional supply and market capitalization now comfortably over $1 trillion, Bitcoin is not the same asset. The “could go to zero” discount that existed in all previous bearish markets has been completely removed.“
“Bitcoin is now on the radar of essentially ALL the big money players in the world“, he added.
He projected that even in a bear scenario, “the chances of falling below $70,000 (-45%) are extremely small, and a move to $80,000–$90,000 is much more likely if – and it’s a big if – the bull market is really over, which I don’t think so.“
