Bitcoin prices plummeted today, falling from an intraday high of $104,000 to $94,480, erasing previous gains and marking a definitive break in price trend.
Twelve hours ago, Bitcoin price exceeded $100,000, but has since fallen consistently from the high $101,000s to a low of $94,480.
Ethereum briefly fell below $3,100, and crypto stocks like Coinbase ($COIN) and Strategy ($MSTR) were trading in the red in pre-market trading.
Also, Bitcoin’s Fear and Greed Index has plunged to new “extreme fear” lows, indicating deep anxiety in the market even as long-term holders are holding the course.
The price has fallen to this level after weeks of weak demand, heavy selling by long-term holders, and sustained outflows from spot Bitcoin ETFs. Over 815,000 BTC (approximately $79 billion) was sold by long-term holders in 30 days, while hundreds of millions of dollars were drained from ETFs daily, depleting liquidity at the worst possible time.
Futures funds turned negative, with about $550 million in positions liquidated as of Nov. 13, and bearish momentum intensified as options traders rushed to buy protective puts ahead of the $4 billion expiration.
Macro pressures have been a tailwind, with tech stocks falling, delays in major U.S. economic data and uncertainty over the Federal Reserve’s interest rate path increasing risk aversion.
Bitcoin has broken through key technical supports such as the 200-day moving average and key Fibonacci levels, with analysts warning that a decisive drop below $97,000 could pave the way for prices between $92,000 and $74,000.
The last time Bitcoin prices were around these levels (below $94,000) was in early May, according to data from Bitcoin Magazine Pro.
Bitcoin price: Who sells Bitcoin?
One possible reason why Bitcoin prices are falling is that long-term holders are dumping their money at record levels. According to CryptoQuant data, the company sold around 815,000 BTC in 30 days, the highest amount since early 2024, amid weak spot and ETF demand.
Buying by institutional investors has also fallen short of daily mine supply, increasing selling pressure. According to Bitcoin Magazine Pro analysis, the price is hovering near the important 365-day moving average of $102,000, which could lead to further losses if it fails to rebound.
Analysts at Bitfinex say Bitcoin’s current decline reflects a mid-cycle retracement, with the decline from October’s highs consistent with the typical 22% drawdown seen throughout the 2023-2025 bull market.
“It is also important to note that even at the $100,000 level, around 72 percent of the total Bitcoin supply is still profitable,” Bitfinex analysts wrote. bitcoin magazine yesterday. They believe a short-term recovery is likely, but a sustained recovery will require new demand.
According to The Block, JPMorgan analysts say Bitcoin’s current estimated production cost of $94,000 serves as a historical price floor, suggesting that Bitcoin’s price is currently near its bottom.
Analysts believe that increasing network difficulty is driving up production costs, keeping Bitcoin’s price-to-cost ratio near historic lows. Analysts maintain their bold forecast for a 6-12 month increase of around $170,000.
Bitcoin’s large price movements are not driven by small retail investors, but by whales, institutions, and leveraged market structures. A whale wallet holding thousands of BTC can move more trading volume than an entire exchange, and in low liquidity situations, even a single transfer can change sentiment.
Meanwhile, ETF flows, hedge funds, and corporate bonds dominate the daily market direction, with billions of dollars in inflows or outflows determining whether Bitcoin rises or falls sharply.
All of this comes after President Trump signed a funding bill late Wednesday, reopening the U.S. government after a 43-day shutdown, the longest in history.
Under the bill President Trump signed into law Wednesday night, funding for most federal agencies would run out at midnight on Jan. 30.
Federal government operations are restarting, but the recovery will be slow. As of this writing, the price of Bitcoin is $94,470.
The post Bitcoin price crashes to $94,000, new 6-month low appeared first on Bitcoin Magazine and written by Mika Zimmerman.
