Bitcoin Price Drops Below $101,000 Amid Selling by Long-Term Holders
Bitcoin (BTC) price has fallen more than 8% this week. It trades below $101,000 as long-term holders continue selling their coins. On Tuesday, Bitcoin hit a low of $98,944, its lowest since June 23. Data shows long-term holders added 319,626 BTC to the supply active in the past 180 days over the last month. Most selling came from coins aged 180 to 365 days, indicating profit-taking since mid-July.
A QCP Capital analyst said the recent sell-offs by OG holders explain the current market consolidation. There was no clear macro event causing the drop. The analyst added that while some worry about a crypto winter, institutional inflows and adoption still support market fundamentals.
Institutional Bitcoin ETFs See Large Outflows This Week
Institutional demand for Bitcoin is weakening. Spot Bitcoin ETFs recorded outflows totaling $661.22 million by Thursday, marking two weeks of withdrawals. Tuesday saw the largest single-day outflow since August at $577.74 million. If this trend continues, Bitcoin might face deeper price drops due to lower institutional confidence.
Despite this, Michael Saylor’s firm bought 397 BTC on Monday, bringing its total to 641,205 BTC. This shows continued faith in Bitcoin amid short-term market weakness.
Key Support Levels Could Determine Bitcoin’s Next Move
Bitcoin’s price has dropped below $100,000 for the first time since June 23. It is now below the 365-day Moving Average (MA) of $102,000, a critical support level for this bull cycle. A failure to reclaim this MA may lead to a sharper correction. If selling pressure grows, the next major support could be $72,000.
The weekly Relative Strength Index (RSI) is 44, showing rising bearish momentum. The Moving Average Convergence Divergence (MACD) also points to a continued downtrend. On the daily chart, Bitcoin recently tested the 50% Fibonacci retracement level near $100,353, where it found some short-term support. If this level holds, BTC might recover toward $106,435. However, dropping below $100,353 could push the price down to around $97,460.
Historically, November is Bitcoin’s strongest month, with an average return of 42%. The fourth quarter also tends to perform well, so investors are watching these key levels closely.
