The cryptocurrency market is facing renewed bearish pressure. Bitcoin (BTC) has lost key psychological support, as Bitcoin drops below $100,000 for the second time this week. Sentiment soured after a brief relief rally failed, prompting stark warnings from prominent analysts, including Merlijn The Trader.
Volatility has returned forcefully. After hitting a relief high of $104,000 on Wednesday, BTC was aggressively pushed downward. The asset fell to $100,500 on Thursday. However, selling pressure intensified just minutes ago, driving the price to $99,700 on Bitstamp.
This dip marks the second breach of the coveted six-figure line this week. The first occurred on Tuesday when BTC hit a five-month low of $99,000. Furthermore, these drops have liquidated over 220,000 leveraged traders in the past 24 hours. The total value of liquidations totals nearly $700 million, with the single largest liquidation valued at $15 million on Hyperliquid.
Has this historical resistance line killed the bull momentum?
The current pessimism is amplified by technical analysis. Analyst Merlijn The Trader declared “IT’S OVER FOR BITCOIN”, adding, “see you all in 4 years.” His warning centers on a historical resistance line that he claims has stopped bull markets in previous cycles. “Same line. Same rejection,” he tweeted. He warned that while it isn’t a confirmed breakdown yet, history demands “respect the line.”
On the other hand, other analysts share the caution. Altcoin Sherpa suggested that if the $100,000 support fails to hold, the price could head to “the low $90ks minimum.” Naturally, altcoins have followed Bitcoin’s descent with notable price declines. Ethereum is down over 5% in the past day. It is dangerously close to breaking below $3,200. Likewise, XRP has plunged beneath the $2.20 support, while SOL, WBT, and HYPE have suffered identical corrections.
Market sentiment is now overwhelmingly bearish. Bitcoin’s inability to hold above $100,000 has validated the bears’ concerns, as Bitcoin drops below $100,000. Investors are nervously watching whether this crucial level can be reclaimed. Otherwise, the $90,000 projections could become the market’s next reality.
