Bitcoin Drops Below $104K as Bearish Sentiment Grows, Eyes $100K Support
Bitcoin slipped about 1% over the past 24 hours, falling below $104,000 after oscillating in a narrow $100,000–$110,000 range. Over $450 million in liquidations hit the market—$387 million tied to long positions—as on-chain metrics show reduced leverage and fewer open positions. Retail sentiment has plunged to its lowest since April, while large holders continue accumulating. Technical indicators remain bearish: the 4-hour MACD is negative and the RSI sits at 44. Geopolitical tensions in the Middle East and U.S. Fed rate policy keep traders cautious. Key levels to watch are $100,000 support and resistance near $106,672 and $109,000. Monitoring whale moves, sentiment shifts and on-chain data will be crucial for spotting potential breakouts or further downside.
Bearish
The combined updates highlight renewed selling pressure as BTC falls below critical support at $104K, driven by high liquidations, negative momentum indicators (MACD, RSI) and low retail sentiment. Whale accumulation and reduced leverage suggest potential for rebounds, but geopolitical risks and Fed policy keep the bias towards further downside in the short term, making the near-term outlook bearish while long-term accumulation could temper extremes.