Bitcoin Falls Below $104K As Market Sentiment Turns Fearful, Analysts Highlight Underlying Resilience
In Brief
Bitcoin fell below $104,000 amid over $1.2 billion in liquidations and rising market fear, yet analysts note the asset’s underlying resilience and stronger market structure.
Bitcoin’s price fell below the $104,000 mark earlier today, reaching a low of $103,749 before stabilizing around $104,016, representing a decline of approximately 3.06% over the past 24 hours, according to CoinMarketCap. The drop widened the gap from its October 6th all-time high of $126,000 to 17% and was accompanied by extensive liquidations in the derivatives market.
Data from CoinGlass indicates that over $1.21 billion in leveraged long positions were liquidated across the cryptocurrency market, with Bitcoin-related positions accounting for $377 million. Bitcoin futures open interest declined by 4% across all exchanges within the same period, with the Chicago Mercantile Exchange recording a sharper 9% decrease.
While long and short positions in futures markets remain balanced, the reduction in open interest points to lower leverage and diminished trading activity, suggesting a cooling in bullish momentum.
Bitcoin Holds Above $100K Despite Market Fear
Following Bitcoin’s recent decline, optimism in the cryptocurrency market has weakened, prompting participants to reassess the likelihood of a continued bullish trend.
Arthur, CEO of DeFiance Capital, described the current environment as “on par with late 2018 to 2019 as the toughest market condition for crypto market participants,” adding that “Survival is the name of the game now.”
Market sentiment has deteriorated, with the cryptocurrency Fear & Greed Index dropping by half from the previous day to a reading of 21 out of 100, signaling “Extreme Fear” among investors.
However, Bitcoin still shows resilience. Cryptocurrency analyst Axel Adler Jr. noted that the P/L Block metric has once again reached extreme stress levels for the second time in the current cycle. Unlike in 2021—when similar stress coincided with a Bitcoin drop from $63,000 to $30,000—the market now shows stronger resilience, with prices holding above $100,000. This shift suggests a more mature market structure supported by higher institutional participation, a growing base of long-term holders, and more balanced liquidity distribution.
QCP Capital further observed that while price momentum may remain limited until legacy holders complete redistribution, Bitcoin’s resilience stands out. According to the firm, the market has absorbed roughly 405,000 BTC in legacy supply over the past month without breaking below the $100,000 level.
Despite slower accumulation by corporates such as Strategy and Metaplanet and minor selling from smaller digital asset treasuries, Bitcoin’s spot prices have stayed stable. Even recent exchange-traded fund (ETF) outflows failed to disrupt its trading range. According to analysts, for now long-term holders are realizing profits while institutional inflows and broader adoption continue to reinforce the market’s foundation.
Meanwhile, bullish investors remain hopeful for a “Moonvember,” a month that has historically delivered average Bitcoin gains of more than 42%, making it one of the strongest periods for market growth.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
