Key points:
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Bitcoin slips below $104,000 amid doubts over BTC price support.
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Today’s price targets include the CME futures gap at $92,000.
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Short-term holders are deep in the red, sitting on growing unrealized losses.
Bitcoin (BTC) faced further losses on Tuesday as traders braced for sub-$100,000 BTC price levels.
Bitcoin Price in “Freefall” as $104,000 slips
Data from Cointelegraph Markets Pro and TradingView New lows of $103,732 were tracked on Bitstamp, with the price up more than 2% on the day.
Early weakness combined during the Asian trading session, and now, market participants increasingly believe that the $ 100,000 support will fail.
“$BTC is in absolute free fall right now,” crypto investor and trader Ted Pillows reaction in X.
“There is no strong support up to the $100,000 level, which means it will probably get wiped out.”
Pillows hit an unfinished “Gap” over the weekend in CME Group’s Bitcoin Futures market around $92,000 – Just below the 2025 annual open.
“If Bitcoin loses the $100,000 zone, expect a correction towards the $92,000 level, which has a CME gap,” he added.
Trader Daan Crypto Trades warns that BTC/USD has lost “key support” from recent weeks.
“Now approaching the bottom of the range where price made the initial higher low after the bounce post 10/10 liquidation event,” an X post readreferred to October 10 Crypto Market Crash.
Daan Crypto Trades noted that, in addition to the “enormous” selling whales of Bitcoin, US stocks have become less bullish, while the strength of the US dollar is increasing – three potential headwinds for crypto.
“All in all not a good recipe for time,” he concluded.
Derivatives trader Ardi is temporarily among those looking at a fill of the October 10 candle wick, which on Binance reached $ 102,000.
$ Btc 10/10 Liquidation Wick now filled.
Back in the $103k range. pic.twitter.com/gr37puk0h5
– Ardi (@ardinsc) November 4, 2025
This level features a confluence with the 50-week exponential moving average (EMA)—a level that has been unchanged for seven months.
Unrealized losses appear in “capitulation”
Price pressure in turn led to renewed stress on Recent bitcoin buyerswhich are now underwater in their holdings.
Related: RETAIL INVERTORS ‘RETREAT’ to $98.5K: 5 Things to Know About Bitcoin This Week
Data from onchain’s analytics platform Glass nodes showed the Net Unrealized Profit/Loss (NUPL) indicator for short-term holders (STH) is back in “capitulation” territory.
NUPL looks at the profitability of onchain transactions involving entities hodling up to 155 days. At the time of writing, it measured -0.058 -to its lowest level since April.
“Historically, periods of STH stress and capitulation have marked attractive accumulation opportunities for patient investors,” Glassnode commented on x Monday.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.
