The cryptocurrency market is currently facing significant bearish pressure, with Bitcoin (BTC) struggling to reclaim previously crucial support levels.\u00a0<\/p>\n
Recent data <\/a>from CoinGecko indicates that Bitcoin 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.<\/p>\n This downturn marks a stark contrast to the bullish sentiment observed earlier in October, when Bitcoin surged to record its current record high slightly above the $126,000 mark due to a wave of margin buying.\u00a0<\/p>\n 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.<\/p>\n Michael Novogratz\u2019s Galaxy Digital recently revised <\/a>its year-end Bitcoin price target down to $120,000, a significant cut from the previous estimate of $185,000, attributing this adjustment to the \u201csignificant leverage wipeout.\u201d\u00a0<\/p>\n Market analytics firm CryptoQuant has pointed out that Bitcoin\u2019s 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\u2019s price.\u00a0<\/p>\n In their analysis, CryptoQuant experts elaborated on the conditions necessary for Bitcoin to reverse its current trajectory and potentially reach new all-time highs.<\/a> They observed that Bitcoin led a global risk-off movement, testing the critical $100,000 support level.\u00a0<\/p>\n This decline was influenced by a stronger dollar and ongoing uncertainties regarding Federal Reserve (Fed) policy, which have dampened broader risk appetites across various asset classes.\u00a0<\/p>\n Notably, there have been four consecutive sessions of approximately $1.3 billion in net outflows from US spot BTC ETFs<\/a>, reversing what had been one of the strongest tailwinds for the market in 2025.<\/p>\n 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.\u00a0<\/p>\n The options market<\/a> has further intensified volatility, as dealers remain net short gamma around the $100,000 strike, leading to increased hedging activity near this critical level.\u00a0<\/p>\n 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.<\/p>\nGalaxy Digital Lowers Bitcoin Price Target<\/h2>\n
Stabilization Of ETF Flows Crucial<\/h2>\n