Bitcoin Price Dips Below $100,000, Losses Climb To 9-Month High

Bitcoin (BTC) has extended its downward trend this week, losing over 8% in value within the past 48 hours. This sharp decline has confirmed a bearish pattern, potentially leading to further losses if selling pressure persists. The outcome largely depends on investor response as Bitcoin nears key psychological support levels.

The overall market sentiment towards Bitcoin is turning increasingly negative. Recent on-chain data reveals that the total transaction volume in losses has surged to a nine-month high, indicating widespread selling at a loss. Over 235,850 BTC—valued at approximately $24 billion—have been moved at a loss within the last 24 hours, signaling panicked behavior among investors.

This significant movement of Bitcoin at a loss demonstrates diminishing investor confidence and increasing fear in the market. If such behavior persists, it could exacerbate Bitcoin’s losses, erode overall market capital, and trigger broader declines across the crypto sector.

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From a macro perspective, Bitcoin’s MVRV Ratio—a critical profitability metric—has entered the "opportunity zone" for the first time since March. The ratio, which now sits between 6% and 17%, typically signals a market bottom, suggesting that selling activity might have reached saturation levels.

This could be a turning point if investors perceive Bitcoin's current price as a value-buying opportunity, though external macroeconomic factors and investor behavior in the coming days will be crucial in shaping Bitcoin's trajectory.

Bitcoin is currently trading at $101,729, holding just above the significant $100,000 support level. Earlier, BTC briefly dropped below this threshold, reaching an intraday low of $98,966, before recovering slightly.

The recent 8% drop has validated a head-and-shoulders pattern, which predicts a potential 13.6% decline, targeting a price of $89,948. However, if buying interest increases near support, Bitcoin could rebound from $100,000 and possibly retest $105,000 or higher.

Conversely, additional selling pressure paired with weak market conditions might push Bitcoin back below the $100,000 mark. If BTC drops under $98,000, it could trigger further losses toward $95,000 or even lower, undermining hopes for a short-term recovery.