Key Highlights
- Bitcoin is down 14% in a month, trading at $95,521 after hitting $126K in October.
- Over $866 million was withdrawn from the Spot Bitcoin ETF market, adding to selling pressure.
- Key support lies between $86K–$80K if the price breaks $95 support; a reversal above $98K could target $105K.
Bitcoin (BTC), the largest cryptocurrency, is on a drag as traders and investors wonder what its next move will be. Will the price stay above $95,000 after experiencing a recent fall that brought fear back into the market, or will it continue its downtrend to $80,000?
Currently, Bitcoin is trading for $95,524, showing a 6.04% drop from the $100K level and a 14% drop in a month. The downtrend started as the token hit a new high of $126K in October. Since then, weeks of heavy profit-taking followed as sellers gained momentum while investors remained cautious.
Daily trading volume in the last 24 hours has jumped more than 69% to $129 billion in trading volume today, which suggests that traders are selling heavily. Spot Bitcoin ETFs also added to the sell momentum as over $866 million outflow was recorded in the last 24 hours. Grayscale saw the most outflow with $318 million, according to Farside Investor.
Respect $95K support or road to $80K?
Some in the market think Bitcoin could still stay strong because long-term holders are not selling, and large buyers are quietly buying the dip. Many old wallets have also become active this year, and experts believe this is planned repositioning instead of panic. However, some experts believe the cryptocurrency has the potential to drop to $80K if the selling momentum continues.
Looking at the Daily chart via TradingView, the token has broken its structure at the $98K key level and is currently running a downtrend with strong momentum. Bitcoin is now at a support level of $95,000, which experts believe is a reversal zone for the token.
Meanwhile, the Relative Straight Index (RSI) is at 54 on the weekly timeframe, while the moving average is at 41. This confirms that the sellers are in control and the market still has more room to sell.
In short, if the price continues to drop and breaks the $95,000 support, then there’s a possibility that Bitcoin hits its next support, which lies between $86,000 and $80,000, where stronger buying momentum may appear. But if the market reverses, a pushback above $98,000 could open the way for buyers to target $105,000 as the first recovery target. For now, Bitcoin remains in a tight spot as both fear and opportunity.
Meanwhile, users have placed over $1.4 million on prediction market Polymarket, betting on Bitcoin breaking $90k before the end of the year.
Crypto Analyst Ted also confirmed this outlook, stating that Bitcoin has lost its “$98,000 support zone.” In an X post, Ted said the next “major support is around the $92,000-$93,000 level, which also has a CME gap. It seems like Bitcoin could now fill the CME gap before any relief rally.”
Also Read: Is Saylor’s Bitcoin Liquidation Risk Real? A Quick X Rundown
