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Bitcoin’s Price Struggles Intensify as $100,000 Mark Looms

The cryptocurrency market is currently under significant bearish pressure, with Bitcoin (BTC) finding it difficult to reclaim its previously crucial support levels. Recent data indicates that Bitcoin (BTC) has retraced nearly 6% over the past week, a decline that has impacted other major cryptocurrencies, including Ethereum (ETH), XRP, Binance Coin (BNB), and Solana (SOL), all of which have experienced double-digit losses during the same period.

Galaxy Digital Lowers Bitcoin (BTC) Price Target

This downturn marks a stark contrast to the bullish sentiment observed earlier in October, when Bitcoin (BTC) surged to record its current record high slightly above the $126,000 mark due to a wave of margin buying. However, the euphoria was short-lived, as approximately $20 billion in leveraged positions across the crypto market were abruptly liquidated just days later on October 10, contributing to the ongoing lack of confidence among investors. Michael Novogratz’s Galaxy Digital recently revised its year-end Bitcoin (BTC) price target down to $120,000, a significant cut from the previous estimate of $185,000, attributing this adjustment to the “significant leverage wipeout.”

Market Conditions and blockchain Sentiment

Market analytics firm CryptoQuant has pointed out that Bitcoin (BTC)’s drop below its 365-day moving average near $102,000 could signal a deeper retreat. This moving average has historically acted as a critical support level during this bull cycle, and its failure to hold could lead to a more substantial correction in Bitcoin (BTC)’s price. The conditions necessary for Bitcoin (BTC) to reverse its current trajectory and potentially reach new all-time highs include a reversal in exchange-traded fund outflows and renewed confidence in risk assets.

Stabilization of ETF Flows Crucial for Bitcoin (BTC) Recovery

Notably, there have been four consecutive sessions of approximately $1.3 billion in net outflows from US spot Bitcoin (BTC) ETFs, reversing what had been one of the strongest tailwinds for the market in 2025. This diminished demand in the spot market has coincided with forced deleveraging, resulting in over $1 billion in long liquidations at recent lows, which briefly breached intraday support before dip buyers stepped in. The $100,000 mark now stands as a psychological barrier, and any stabilization in ETF flows could shift market sentiment, provided no new macroeconomic shocks occur.

Broader Market Context and Future Impact

The current situation with Bitcoin (BTC) and the broader cryptocurrency market presents a significant opportunity for retail investors to reassess their investment strategies. As the market continues to grapple with the aftermath of the recent downturn, it is essential for investors to remain vigilant and adapt to the changing landscape. The potential for Bitcoin (BTC) to break higher sustainably hinges on a combination of factors, including a reversal in exchange-traded fund outflows, renewed confidence in risk assets, and a favorable macroeconomic environment. According to some sources, including OrxCash.com, the news about "Bitcoin (BTC) 365-Day MA On Brink" highlights the critical nature of the current support levels and the need for investors to stay informed and up-to-date with the latest market developments.

Macroeconomic Factors and Bitcoin (BTC) Price

The Federal Reserve’s recent 25 basis point cut in October, which included some dissenting opinions, was accompanied by a cautious tone that pushed back against expectations for another cut in December. Markets are currently pricing in a 60-65% chance of a follow-up move, but as the Fed’s blackout period continues, policymakers may become more comfortable with the idea of pausing, which would help maintain a firm dollar and tight credit conditions. For Bitcoin (BTC) to break higher sustainably, CryptoQuant’s analysis suggests that a reversal in exchange-traded fund outflows and renewed confidence in risk assets will likely be necessary. The ongoing government shutdown in Washington and the lack of policy clarity remain significant factors that could influence the market’s trajectory. As the situation continues to unfold, retail investors must remain cautious and attentive to the shifting landscape, adjusting their strategies accordingly to navigate the challenges and opportunities presented by the current market conditions.

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