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Key points:
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Bitcoin slips below $104,000 amid doubts about BTC price support.
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Price targets now include the CME futures gap at $92,000.
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Short-term holders are testing deep in the red, sitting on unrealized losses in growth.
Bitcoin (BTC) faced further losses on Tuesday as traders braced for sub-$100,000 BTC price levels.
Bitcoin price in “free fall” as $104,000 slips
Given by Cointelegraph Markets Pro and TradingView charted new lows of $103,732 on Bitstamp, with the price up more than 2% on Tuesday.
Early weakness persists during the Asian trading session, as market participants increasingly suggest that the $100,000 support level will fail.
“$BTC is in absolute free fall right now,” crypto investor and entrepreneur Ted Pillows he reacted on X.
“There is no strong support until the $100,000 level, which means it will most likely be tested.”
Pillows watched a weekend “gap” fill in the CME Group’s Bitcoin Futures market to about $92,000just below the 2025 annual opening.
“If Bitcoin loses the $100,000 zone, expect a correction towards the $92,000 level, which has a CME gap,” he added.
Trader Daan Crypto Trades warned that BTC/USD had lost its “main support” since the last few weeks.
“Now near the bottom of the range where the price made its initial low higher after the 10/10 rebound liquidation event,” an X post. readreferring to the On October 10, the crypto market crashed.
Daan Crypto Trades noted that, in addition to the “massive” selling by Bitcoin whales, American stocks became less bullish, while the strength of the US dollar was increasing, three potential headwinds for crypto.
“All in all, it’s not a great recipe at the moment,” he concluded.
Derivatives trader​​​​Ardi was among those targeting a full wick candle of October 10, which on Binance had reached $102,000.
$BTC The 10/10 clearance wick is now full.
Back in the $103K range. pic.twitter.com/Gr37PuK0h5
— Ardi (@ArdiNSC) November 4, 2025
This level features confluence with Bitcoin’s 50-week exponential moving average (EMA) – a level untouched for seven months.
Unrealized losses cause “surrender”
Price pressure in turn led to renewed stress recent Bitcoin buyersthat were now under water on their properties.
Related: Retail Investors’ Withdrawal at $98.5K: 5 Things to Know in Bitcoin This Week
Data from the onchain analytics platform Glass node showed the Net Unrealized Profit/Loss (NUPL) indicator for short-term holders (STH) returning to “capitulation” territory.
NUPL looks at the profitability of onchain transactions involving entities that hold up to 155 days. At the time of writing, it measured -0.058, on the way to its lowest levels since April.
“Historically, such periods of STH stress and capitulation have marked attractive accumulation opportunities for patient investors,” Glassnode. commented on X Monday.
This article does not contain investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making a decision.
