itcoin #crypto market

BTC falls below 104,000, is the next stop 92K?

Bitcoin continued to decline to $103,732 on Tuesday, with a drop of over 2%. The market generally believes that the support at the round number of 100,000 is about to be breached, and once it breaks, attention will turn to the CME futures open interest gap position—$92,000.

On-chain data is more heartbreaking: the NUPL indicator for short-term holders has triggered a “surrender” signal (-0.058), reaching a new low since April. In other words, retail investors who recently bought in are facing significant unrealized losses. Coupled with the decline in US stock enthusiasm, the strengthening of the dollar, and massive sell-offs by whales, the technical pressure facing BTC should not be underestimated.

From a technical perspective, the 102K high point candlewick left by the liquidation on October 10 is gradually being filled, while the 50-week EMA (which hasn't been touched for 7 months) is eyeing the 108K area.

Interestingly, Glassnode points out that historically, the surrender phase of short-term holders often marks a bottom opportunity—implying that now might be the moment for patient individuals to lie in wait.