Bitcoin Decline Update: $83,500 Becomes Apparent

Bitcoin (BTC) price has come under pressure again, reaching its lowest levels since May. The cryptocurrency market started the week with a sharp pullback. Bitcoin fell below the psychologically significant $100,000 level, dropping to $96,600, thus seeing its lowest price since May.

Increasing risk aversion in global markets, sharp sell-offs in technology stocks, and weakening interest from institutional investors accelerated the decline in Bitcoin's price. The overall market also presents a negative outlook. Ethereum (ETH) declined to $3,182, registering a weekly loss of 12%. XRP dropped to $2.25, reflecting an 8.8% decline over the past week, while BNB fell to $932, with a weekly loss of 7.8%. Additionally, Solana (SOL) has been one of the sharpest declining assets in recent days, falling to $140 with a 16.5% loss.

As market dynamics rapidly deteriorate, ETF inflows have remained weak for the second consecutive week. The selling pace among long-term investors has increased, and retail participation continues to stay at low levels. Research firm 10x states that with the loss of structural support from funds and institutions, the market has now clearly entered a bear market.

From a technical perspective, the loss of the $100,266 level is critically important for Bitcoin's price. According to analysts, liquidity is rapidly decreasing below this threshold, and the $93,000 to $95,000 range emerges as a key support point in the near term. Bitunix suggests that losing this area could lead to a sharper drop towards the gap at $89,600. On upward attempts, the first resistance is at $100,200, followed by the $107,300 level which has been strongly rejected in recent weeks.

Macroeconomic uncertainties are increasing the pressure on the market. Nick Ruck from LVRG Research emphasized that the likelihood of the price finding balance around $92,000 depends on the FOMC minutes to be released next week. ETF outflows, the emerging death cross signal, and the uncertainty of the delayed data calendar due to the government shutdown are increasing uncertainties. Jeff Mei, an executive at BTSE, noted that the expectation that the Fed may halt interest rate cuts in December keeps the market cautious and low-volume trading may continue.

In this scenario, Bitcoin has completely reversed the 30% gains it achieved at the beginning of the year. In October, the price soared to $126,251 amid optimism over crypto-friendly measures from the Trump administration, but made a sharp reversal following the unexpected tariff announcements by the president, which spurred a liquidation in global markets. Bitcoin tested below $93,700 last Sunday and started the week around $94,800.