- Bitcoin’s price dropped below $100,000 for the second time in a week as macroeconomic pressure and a government shutdown weighed on the market.
- Retail sentiment for Bitcoin shifted from ‘bullish’ to ‘neutral’ amid continued high market chatter and mirrored declines in tech stocks.
- Options data and reports from Glassnode show persistent market fear, with little confidence that a stable bottom has formed.
- Major Bitcoin-linked ETFs, including IBIT and FBTC, also fell about 1%, and retail sentiment around these funds remained bearish.
Bitcoin experienced a significant price drop early Friday, falling below $100,000 for the second time this week. The decline follows increased macroeconomic pressure during the ongoing U.S. government shutdown. According to CoinGecko data, Bitcoin’s price slipped more than 3% in early trading, hitting as low as $99,800 after a prior dip to $99,607 on Tuesday. The last time the cryptocurrency reached this price was in late June of this year.
Retail sentiment on Stocktwits moved from ‘bullish’ to ‘neutral’ within the past day, while overall discussions about Bitcoin remained unusually high. The selloff in Bitcoin closely matched weakness seen in Artificial Intelligence stocks and broader technology indices, including a decline in the Nasdaq.
One trader on Stocktwits speculated that Bitcoin’s former support level might now be acting as its new resistance point, as seen in this public message.
Concerns remain about whether the recent decline represents the bottom of the current cycle. Crypto trader Scott Melker, also known as ‘The Wolf Of All Streets,’ cautioned investors to look for further confirmation before declaring a bottom. He referenced past price actions and urged caution in his social media statement: “Wait for additional signals before assuming the bottom is in.”
According to the weekly report from on-chain analytics firm Glassnode, options markets show continued fear among traders. The report stated, “Bitcoin is retesting the $100,000 level after short-term holders have capitulated. Puts surged during the drop, then calls spiked as traders played the rebound near $100K. Even then, puts rose again, suggesting markets expect a retest, and remain hedged.”
Bitcoin-related exchange-traded funds also faced losses, with the iShares Bitcoin ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) both dipping about 1% during morning trading. Retail sentiment around these funds stayed bearish, while discussions remained high.
Despite optimism over exchange-traded funds, leading cryptocurrencies, including Ripple (XRP), Bitcoin, and Ethereum, continued to extend losses, although Dogecoin did not follow this trend.
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