Bitcoin (BTC) has signaled additional medium-term weak point. The flagship coin has retested a vital psychological help degree round $100,000 and has weakened it every time.
Why is Bitcoin Worth Prone to Retest $92k Quickly?
Failed ‘Uptober’ Bullish Narrative Amid Crypto Liquidity Disaster
After recording its first Crimson October in six years, the Bitcoin value was caught in a medium-term downtrend. The flagship coin has fallen 20% since hitting its new all-time excessive (ATH) round $126,000 within the first week of October.
The BTC/USD pair has retested a vital help degree round $100,000, dropping to $99,000 twice this week. As such, the Bitcoin value is more likely to decline additional within the medium time period, fueled by the continuing liquidity disaster.
Earlier this week, Wintermute noted that the crypto market has not skilled a brand new wave of money circulation, however a rotation of current capital.
The reawakening of outdated whales will increase merchants’ fears of additional correction
Based on on-chain information from CryptoQuant, outdated whales, led by Michael Saylor’s MicroStrategy, have been shifting their Bitcoins within the current previous.
The notable rise in legacy coin reawakening has coincided with excessive fears of additional crypto capitulation. On the time of writing, CoinMarketCap’s Worry & Greed index was hovering round 21/100, which represents excessive concern.
Technical headwinds amid an unfilled CME hole round $92,000
Bitcoin value has fallen under the 50-week Easy Transferring Common and under the 2 essential help ranges round $107,000 and $103,700. In the meantime, the BTC/USD pair is more likely to decline in direction of the bull market help round $92,000, which additionally coincides with an unfilled CME hole.
Supply: X
Greater image
Regardless of the medium-term bearish sentiment, BTC value is more likely to flip bullish once more earlier than the top of this 12 months. Earlier this week, JPMorgan strategist Nikolaos Panigirtzoglou famous that the Bitcoin value is undervalued towards gold and will rise to $170,000 to match its efficiency.
The macro upside outlook for Bitcoin is strengthened by the Fed’s quantitative easing (QE) on December 1, 2025.
