Key Points:
Bitcoin has fallen to a four-month low, below $100,000, as sellers capitulate and spot BTC ETF outflows increase.
Traders view the $88,000 to $95,000 range as a potential bottom.
The sell-off of Bitcoin (BTC) intensified on Tuesday, with BTC suddenly dropping to a four-month low of $100,800. While industry analysts are puzzled by the exact reasons for the current sell-off, it is widely believed that the BTC price may decline further, potentially bottoming around $95,000.
Notable trader HORSE shared the following chart and suggested that if $100,000 is not a "trap," a bottom may be approaching.
The liquidation heatmap from Hyblock shows that the leveraged long positions at $100,000 are at risk of being absorbed, with relatively thin liquidity until $88,000.
On the other hand, crypto media personality and trader Scott Melker posted a cryptic tweet, pointing out that Bitcoin "has clearly lost the weekly 50-MA as support four times in history." Melker noted that each time BTC loses this moving average, "the price goes to test the 200-MA."
Melker stated,
Another prevalent theory circulating on X is that some professional and institutional-level entities' portfolios were impacted by the crypto market sell-off on October 10, leading to $2 billion in Bitcoin positions being liquidated, with the overall market figure being larger.
Analysts like options trader Tony Stewart suggest that these distressed funds are the source of the massive sell-off in the Bitcoin market on Tuesday, although these entities are currently unknown, "there will now be large companies that can see the underwater blurry body image."
In the post, Stewart explained how to identify which funds are in distress and what this might mean for the future of Bitcoin prices.
Related: Reports indicate that cryptocurrency exchange Gemini plans to integrate prediction markets.
Original: “Bitcoin Falls Below $100K, Analysts Say BTC Set to Drop Lower—Here’s Why”
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