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Bitcoin Drops Below $104,000: Possible Target — $92,000
Bitcoin fell below $104,000 for the first time in several weeks, as traders warned of a possible return to levels below $100,000, while new buyers accumulated unrealized losses.
On November 4, Bitcoin suffered further losses. Data from TradingView recorded a new low of $103,792 on Binance, with the price down more than 2.7% over the past 24 hours.
Bitcoin Price in “Free Fall”
Early weakness continued during the Asian trading session, as market participants increasingly assumed that the $100,000 support level would not hold.
“BTC is in absolute free fall right now,” said crypto investor and entrepreneur Ted Pillows on X. “There’s no strong support until $100,000, which means it will likely be retested.”
Pillows pointed out an unfilled weekend gap on the Chicago Mercantile Exchange (CME) Bitcoin futures market around $92,000, slightly below the 2025 yearly open.
“If Bitcoin loses the $100,000 zone, expect a correction toward $92,000, where the CME gap exists,” he added.
Trader Daan Crypto Trades warned that BTC/USD had lost its “main support” of recent weeks.
“It’s now approaching the lower range where price formed its initial higher low after the 10/10 liquidation event,” he wrote on X, referring to the crypto market crash on October 10.
Daan noted that, in addition to “massive” whale sell-offs, U.S. stocks have turned less bullish, while the U.S. dollar has strengthened — three headwinds for crypto.
“Overall, not a great recipe right now,” he concluded.
Derivatives trader Ardi is watching the wick fill from the October 10 candle, which reached $102,000 on Binance. This level aligns with Bitcoin’s 50-week exponential moving average (EMA) — a level not touched in seven months.
Unrealized Losses Trigger “Capitulation”
The price decline has caused stress among recent Bitcoin buyers, who are now underwater on their positions.
Data from on-chain analytics platform Glassnode showed that the Net Unrealized Profit/Loss (NUPL) indicator for short-term holders has returned to “capitulation” territory.
NUPL measures the profitability of coins held for up to 155 days. As of writing, it stood at -0.058, approaching its lowest levels since April.
“Historically, such periods of stress and short-term holder capitulation have marked good accumulation opportunities for patient investors,” Glassnode analysts commented.
The current Bitcoin situation represents a classic test of key support levels. The drop below $104,000 and the risk of losing the $100,000 level add uncertainty to the market, particularly for those who bought at recent highs.
See also: "Bitcoin Market Turns Bearish, but a Rebound Is Still Possible"
