Bitcoin Falls Below $104 000 — Analysts Warn of $92 000 Target
Bitcoin has dropped below the $104 000 mark for the first time in several weeks, triggering renewed fears of a deeper correction toward $92 000 as traders brace for continued market weakness.
BTC hits multi-week low
On November 4, Bitcoin extended its slide, reaching an intraday low of $103 792 on Binance, according to TradingView data. The daily loss exceeded 2.7 %, marking the steepest decline since mid-October.
“BTC is in absolute free fall right now,” said crypto investor and entrepreneur Ted Pillows on X (formerly Twitter). “There’s no strong support until $100 000 — and it will likely be retested soon.”
Rising unrealized losses among new buyers
On-chain data show a sharp increase in unrealized losses among recent entrants. Short-term holders who bought between $108 000 and $115 000 now face negative returns, with exchange inflows indicating growing pressure to cut positions. Glassnode analysts warn that capitulation risk rises when the majority of recent holders are under water.
Meanwhile, funding rates on major derivative platforms have turned negative for the first time in months — a sign that short positions are dominating the futures market.
Key support levels and analyst targets
Technical analysts identify the next support zones at $100 000 and $97 800. If those levels fail to hold, the market could extend toward the $92 000 region — a zone that previously served as a strong accumulation base during August’s rebound.
“$92K is where long-term buyers start to step in again,” explained macro trader Liam Fraser. “Until then, we’re still in a liquidity flush driven by ETF outflows and macro uncertainty.”
Market context: geopolitics and liquidity concerns
The decline follows heightened geopolitical tension between the U.S. and China after failed tariff talks, which sparked a broad sell-off in risk assets. Bitcoin’s reaction has once again highlighted its correlation with global liquidity flows and equity sentiment.
Meanwhile, U.S. Treasury yields continue to rise, drawing capital away from crypto markets and pressuring leveraged longs. ETF data show outflows from major Bitcoin funds for a third straight day.
Conclusion
As Bitcoin retests its psychological $100 000 threshold, traders are watching whether buy-side liquidity can absorb continued selling. If support fails, analysts warn of a possible drop to the $92 000 zone — a critical area for market sentiment ahead of the next Fed meeting.
Despite the short-term pain, some long-term investors see the correction as a healthy reset before the next major cycle.
Editorial Team — CoinBotLab