Compass Investments

– Bitcoin slipped to $103,732, hinting at a possible retest of the $100k level.

Experts warn that if the support is broken, CME’s failure in the $92k zone could be next.

Recent BTC holders are showing signs of surrendering their positions, which may signal a good time for long-term replenishment.

Bitcoin’s losing streak is only getting worse. The flagship crypto fell in price again on Tuesday, hitting $103,732 on Bitstamp – a more than 2% drop in 24 hours – and traders began seriously discussing the likelihood of a drop below $100,000. The Asian session started with a decline, and since then the mood on the markets has not improved.

$BTC is in a state of free fall right now, is how investor Ted Pillows characterized the situation in X. There’s no strong support up to $100,000, so that level is likely to be tested.

That mark now looks like the final frontier. But Pillows also pointed to a gap at CME Futures around $92,000, which is right below bitcoin’s opening level for 2025. If Bitcoin loses the $100K mark, expect a pullback to $92K, he added, suggesting the possibility of a full reversal.

Daan Crypto Trades trader Daan Crypto Trades also expressed concerns, noting that BTC has lost its major support zone in recent weeks. It is now approaching the lower end of the range where the price made its first bottom after the 10/10 crash, he wrote in X, referring to the Oct. 10 crash that rocked the markets.

To make matters worse, the whales have stepped up selling again just as U.S. stocks began to slow and the dollar strengthened – factors that tend to weigh on cryptocurrencies. Overall, it’s not a very encouraging picture right now, Daan summarized.

Elsewhere, trader Ardi pointed out that Bitcoin approached the shadow of the October 10 candle at $102,000, a value that coincides with the 50-week EMA that hasn’t been tested in seven months. If this line gives way, it opens the way for more significant drawdowns below $100K.

The problems can be seen not only on the charts, but also in the behavior of the exchange participants. New buyers are starting to give up under pressure, and many are now recording losses.

According to Glassnode, the Net Unrealized Profit/Loss (NUPL) indicator for short-term holders (STH) entered the surrender zone again, reaching -0.058, the lowest level since April. This means that investors who have held BTC for less than five months were in the negative.

However, in the past, such periods of stress have served as excellent accumulation zones for more seasoned players.

These phases often provide favorable odds for those who are willing to keep their cool, Glassnode said.

The short-term outlook for Bitcoin looks unstable, but it’s at times like these that long-term investors begin to show interest. If the $100K level doesn’t hold, the next important point will be the $92K area, where the CME gap and long-term trendlines converge.

For now, it’s all about patience. Capitulation may be painful, but history shows that this is often where the best bounces are born – quietly while everyone else turns away.