Bitcoin Below 100 Thousand Dollars: Is the Bull Market Coming to an End?

Recently drawing attention with its price movements, Bitcoin has fallen below the psychological barrier of 100,000 dollars after five months, creating uncertainty among investors. Analysts stated that they view this movement not as the definitive end of the bull cycle, but rather as a "leverage clean-up" process that balances the market.

Bitcoin (BTC) dropped to 99,980 dollars for the first time since May 2025, testing another significant threshold. According to CoinGlass data, this drop led to the liquidation of leveraged positions worth 1.7 billion dollars. However, as of Wednesday morning, the price showed a short-term recovery, rising back to around 101,700 dollars.

Nic Puckrin, co-founder of Coin Bureau, stated that the 100,000 dollar level is critically important from a psychological rather than a technical standpoint. Puckrin remarked, “Bitcoin dropping below 100,000 dollars scares investors but does not structurally harm the asset. BTC is still only 20% below its peak, which often represents a buying opportunity in the crypto market.”

Another point of concern highlighted by analysts was the impact of ETF outflows on the market. According to CoinGlass data, it appears that 1.3 billion dollars of total liquidations came from long positions. The total cryptocurrency market capitalization decreased by 289 billion dollars, falling to 3.4 trillion dollars. It was noted that the decline was due not only to technical reasons but also to ETF outflows and a global risk-off environment.

Bitcoin's spot ETFs experienced an outflow of 578 million dollars, while Ethereum ETFs saw an outflow of 219 million dollars, and Solana ETFs recorded an inflow of 14.8 million dollars. This situation indicates that investors are adopting a cautious stance in the short term.

Timothy Misir, research director at BRN, described the sharp decline as “not a complete capitulation, but a structural reset,” noting, “Long-term investors largely remained inactive. This sell-off stemmed from leverage, not belief. The system is now leaner, healthier, and more resilient to cascading risks.” Misir emphasized that Bitcoin's on-chain support zone is located between 98,000–100,000 dollars, while its resistance level is found between 107,000–110,000 dollars.

Analysts predict that Bitcoin will continue to consolidate in the current range unless ETF inflows resume. Puckrin added that the long-term outlook remains strong, stating, “The 150,000 dollar target is still on the table for this bull cycle. However, the path forward is likely to be much more volatile.”