Key Points:
BTC has fallen below $104,000, raising doubts in the market about BTC price support.
The price target now includes a CME futures gap at $92,000.
Short-term holders are deeply in the red, with unrealized losses continuing to increase.
BTC faces further declines on Tuesday, with traders preparing for prices to drop below the $100,000 level.
Data from Cointelegraph Markets Pro and TradingView shows that the BTC price on the Bitstamp exchange hit a new low of $103,732, with prices dropping over 2% on Tuesday.
The initial weakness in the Asian trading session continues, with market participants increasingly suggesting that the $100,000 support level will be breached.
Cryptocurrency investor and entrepreneur Ted Pillows pointed out on the X platform: "$BTC is currently in absolute free fall."
Pillows is focused on the CME Group Bitcoin futures market, where the unfilled "gap" from the weekend is around $92,000, just below the opening price for 2025.
He added: "If BTC loses the $100,000 area, it is expected to pull back to the $92,000 level, where there is a CME gap."
Trader Daan Crypto Trades warned that BTC/USD has lost its "major support" from the past few weeks.
In a post on the X platform, he mentioned: "Now close to the range bottom, the price formed an initial higher low when it rebounded after the 10/10 liquidation event." He was referring to the cryptocurrency market crash on October 10.
Daan Crypto Trades noted that, in addition to the "massive" sell-off by BTC whales, the U.S. stock market has become less bullish, and the strong rise of the dollar are three potential negative factors for cryptocurrencies.
He summarized: "Overall, the situation is not looking good right now."
Derivatives trader Ardi is among those focusing on filling the October 10 candle wick, which reached $102,000 on the Binance exchange.
"$BTC 10/10 liquidation wick now getting filled. Back into the $103K range." pic.twitter.com/Gr37PuK0h5
This level coincides with BTC's 50-week exponential moving average (EMA) — a level that has not been touched in seven months.
Price pressure, in turn, has dealt a new blow to recent BTC buyers, whose currently held assets are already in a loss position.
Data from on-chain analysis platform Glassnode shows that the net unrealized profit and loss (NUPL) metric for short-term holders (STHs) has fallen back into the "surrender" zone.
The NUPL metric primarily monitors the profitability of on-chain transactions for entities holding for no more than 155 days. As of the time of writing, the metric has dropped to -0.058, gradually approaching its lowest level since April.
Glassnode pointed out on the X platform on Monday: "Historically, short-term holders face pressure and capitulation sell-offs, which often create highly attractive asset accumulation opportunities for patient investors."
Related: As Bitcoin (BTC) falls below $106,000, crypto sentiment plunges into "extreme fear."
This article does not constitute any investment advice or recommendation. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Price Target Set at $92,000, New Buyers Enter 'Capitulation' Mode”
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