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Bitcoin falls below $100,000: Is this time different?

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Core Data

  • BTC reached a low of 97.5K, setting a recent low.
  • More than 300 million USD settled in a single hour, with BTC accounting for 827 million USD.
  • Long-term holders sold 815,000 BTC in the past 30 days, setting a new pressure high.

Triple Crit

This wave of decline is not just a simple fluctuation. The Federal Reserve's quantitative tightening extended to December 1, the false alarm of the U.S. shutdown event, and the lagging economic data (CPI/employment data postponed publication) have compounded, putting investors in an information vacuum. Additionally, the significant sell-off of bonds related to AI companies suggests that the market is beginning to reprice risk assets.

Technical Warning

Interestingly, this is the first time during the entire cycle that Bitcoin has failed to recover after breaking through the 300-day moving average. In previous years, every time it tested lower, it would rebound quickly, but this time it has been strongly suppressed after breaking down— the continuous downward trend indicates that momentum may indeed be declining, and the risk of subsequent corrections is not small.

What are whales doing?

Contrary to market panic, Ethereum whale #66kETHBorrow is engaging in “reverse operation” - although showing a paper loss of 126 million USD, it continues to buy, accumulating a total of 422,000 ETH (approximately 1.3 billion USD). Such actions typically indicate a bottom signal.

Manipulating New Scandal

Analyst exposes BTX Capital founder Vanessa Cao manipulating POPCAT on Hyperliquid by placing a $25 million buy wall and then quickly withdrawing, leading to a liquidation that resulted in a $4.9 million loss for the HLP pool. This serves as a reminder to traders: behind the volatility, there may be someone harvesting profits.

What to look at next?

The key support is in the range of 93.7K-97.5K. If it breaks, the next target is 91.3K. However, the rebound signal is also very clear: a break above 99K-100.5K is needed to confirm the bottom. Until then, bears still hold the advantage.

BTC3.2%
ETH1.8%
POPCAT5.23%
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