Key points:
Bitcoin 4 slips below 104,000 amid more skepticism than BTC price support
Price targets now include the CME futures gap, at 92,000.
Short-term holders are sitting on mounting unrealized losses, heading into the red.
Bitcoin (BTC) suffered further losses on Tuesday as traders braced for the sub-$100,000 BTC price level.
Bitcoin price in “free fall” as 4 104,000 slip
Data from QuintalGraph Markets Pro and TradingView tracked new gains of 3,103,732 on Bitstamp, down less than 2 percent on Tuesday.
Early weakness persisted during the Asian trading session as market participants quickly suggested that the 100,000 support level would fail.
Crypto Investor and Entrepreneur Ted Pillows React to X
“,000 is no strong support until the 100,000 level, which means it will be more likely.”
Pillows saw a dysfunctional weekend “gap” in CME Group’s bitcoin futures market near $92,000, just below the 2025 open.
“If Bitcoin loses the ,000 100,000 zone, expect a correction towards the ,000 92,000 level, which is the CME gap,” he added.
Trader Dawn CryptoTrades has warned that BTC/USD has lost “key support” in recent weeks.
“Now near the bottom of the range where price has reduced its initial high after the 10/10 liquidation event,” read an X-post on October 10, referring to the crypto market crash.
Dawn CryptoTrades noted that, in addition to the “massive” sell-off by bitcoin whales, U.S. stocks have been less bullish, while the strength of the U.S. dollar is increasing, three potential headwinds for crypto.
“It’s not a great recipe for all of the time,” he concluded.
Derivatives trader Ardi was among those filling the October 10 candlestick week, which reached $102,000 on Binance.
$BTC 10/10 Liquidation Week is now full.
Back in the 3 103K range. pic.twitter.com/gr37puk0h5
— Arde (@dardens) November 4, 2025
This level includes a confluence with Bitcoin’s 50-week moving average (EMA)—which has been untouched for seven months.
Unrealized losses qualify for “capitalization.”
The price pressure resulted in renewed pressure on recent bitcoin buyers, who were now underwater on their holdings.
Related: 5 98.5k from retail investors’ retreat in bitcoin this week: 5 things to know
Data from Onchin analytics platform Glassnode showed the Net Unrealized Profit/Loss (NUPL) indicator for short-term holders (STHS) returning to “Capitalization” territory.
NUPL sees high transaction profits involving entities huddling up to 155 days. At the time of writing, it measured -0.058, heading for its lowest level since April.
“Historically, such periods of STH stress and capitalization have identified attractive accumulation opportunities for patient investors,” Glasnod commented on X on Monday.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making a decision.
