Crypto Markets Under Pressure as Bitcoin Falls Below $104,000

The crypto world is showing clear signs of stress. Bitcoin slipped below roughly $104,000, triggering a wave of liquidations and renewed concern over how fragile this market remains.

 

The Scale of the Liquidations

On-chain analytics and exchange data indicate that over $1.3 billion in positions were liquidated in just a 24-hour window when Bitcoin slipped under $104,000. The bulk of those losses came from long (bullish) bets.

One analysis found that around $600 million of liquidations were directly linked to Bitcoin’s fall under $104,000.

In earlier drops, like when Bitcoin fell under $108,000, at least $320 million in positions were liquidated.

ETF flows also reflected the sentiment, with large outflows of around $186.5 million hitting Bitcoin ETFs as the price dropped.

 

What’s Driving the Sell-Off

Several factors combined to produce this sharp correction:

• Excess leverage: Many traders held large leveraged positions expecting the uptrend to continue. When the price broke key support, automatic liquidations accelerated the drop.

• Technical triggers: The break below $104,000 appears to have been a psychological and technical threshold. Once it was breached, stop-losses and algorithmic selling kicked in.

• Macroeconomic headwinds: Concerns around global growth, trade tensions, and regulatory uncertainty are making crypto a less comfortable risk asset right now.

• Liquidity strain: When prices drop rapidly, thin liquidity in some crypto markets magnifies the effect of trades. Large orders or liquidations can push the price further than expected.

 

Why This Is More Than Just a Price Drop

This is not simply a normal pullback. It points to deeper vulnerabilities within the market.

It shines a spotlight on how exposed leveraged traders are in crypto markets.

It shows that major protocols or large holders are still vulnerable to rapid swings caused by price and sentiment.

It signals that the risk profile of crypto is evolving. Institutional participants and retail investors both face threats from sharp corrections and ecosystem instability, not just price volatility.

 

What to Watch Moving Forward

• Support levels: Bitcoin near $100,000 to $104,000 is under the microscope. A sustained bounce could ease pressure, while a break below could trigger the next wave of liquidations.

• Leverage risk: If more long positions unwind, additional forced selling could occur.

• Sentiment and volume: Watch indicators like funding rates, open interest in futures, and spreads. When these show stress, the environment becomes more fragile.

• Macro factors: Crypto is not isolated. Changes in interest rates, global trade shocks, or new regulations can quickly trigger risk-off sentiment.

• Recovery potential: Some analysts believe this type of leveraged wipeout can be healthy in the long term. It clears excess risk and resets the market for future growth. The key is whether prices stabilize soon.

 

Final Thoughts

The current correction may not mark the end of the cycle, but it underscores how volatile and interconnected the crypto markets have become.

For anyone trading or investing in this space, success is not only about picking the right asset. It also depends on understanding how the broader system reacts when momentum reverses.

History has already shown how over-leverage can turn optimism into collapse. During the 2021–2022 downturn, major players like Three Arrows Capital (3AC) and Celsius Network imploded after taking on excessive risk through leveraged positions and unsustainable yield strategies. Their collapses erased billions in value, triggered contagion across lenders and exchanges, and shook investor confidence for years.

These events serve as reminders that leverage amplifies both gains and losses. In bull markets, it fuels parabolic rallies and rapid expansion. In downturns, it becomes a chain reaction that accelerates the fall.

The lesson is simple but critical: leverage without risk management always ends badly. The healthiest market growth comes from measured exposure, transparent liquidity, and long-term discipline...not from borrowing against optimism.

 

In crypto, big moves are not exceptions. They are the rule. The priority now is managing risk carefully, staying alert to signals, and avoiding the assumption that prices will always move higher.

 

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The Crypto Market Continues October Slump, Will November See Reversal?

 

The global cryptocurrency market has taken a sharp downturn, erasing optimism that had been building earlier this month. Total market capitalization dropped to around 3.54 trillion dollars, falling more than four percent in a single day.

Bitcoin fell roughly 3.5 percent, dipping just above 106,000 dollars, while Ethereum declined nearly six percent. Altcoins like Solana and XRP recorded losses of around seven percent, and crypto-linked equities followed the same trend, with companies such as MicroStrategy sliding about five percent ahead of its earnings call.

The downturn caps off what has been one of the weakest Octobers for crypto in recent years, undermining hopes of the so-called “Uptober” rally that traders had been anticipating. More than 300 million dollars in leveraged positions were liquidated as Bitcoin briefly slipped below 108,000 dollars, wiping out many short-term speculative positions.

 

Why It Happened

Macro headwinds
Even though the Federal Reserve cut interest rates by 25 basis points, investor sentiment remains cautious. The market had already priced in the cut, and comments suggesting that further easing may not come as quickly as hoped left traders disappointed. Meanwhile, the U.S. dollar remains strong, and concerns over inflation and geopolitical tension continue to push investors toward safer assets.

Leverage and liquidations
As often happens in crypto, the decline accelerated once leveraged positions began to unwind. When Bitcoin’s price started to drop, automatic liquidations triggered across exchanges, deepening the fall and pulling other assets down with it.

Shifting sentiment
The broader crypto sentiment has turned noticeably bearish. The industry’s “fear index” has dropped to levels not seen in months. Many investors are adopting a wait-and-see approach, as new catalysts for growth are lacking and market narratives have cooled after a summer of strong gains.

 

What It Means for the Market

Bitcoin is testing crucial support levels around the 108,000 to 105,000 dollar range. A sustained break below could invite further downside, while a bounce could stabilize the market and prevent additional panic selling.

Some analysts see this dip as a healthy correction after months of optimism. Others warn that it could mark the start of a longer consolidation phase, where prices drift sideways as markets absorb the impact of macroeconomic uncertainty and waning risk appetite.

Institutional interest also appears to be cooling slightly. Outflows from crypto-focused funds and ETFs have increased, suggesting that large investors are scaling back exposure until clearer signals emerge from global markets.

 

A Moment of Reflection

This decline may not mark the end of the current crypto cycle, but it does highlight how fragile sentiment remains. Despite impressive technological progress across the industry, price action continues to be driven largely by macroeconomic factors and trader psychology.

October’s performance serves as a reminder that crypto’s volatility cuts both ways. Periods of rapid growth often give way to equally sharp corrections. While long-term believers view these downturns as opportunities to accumulate, traders chasing short-term gains are often the first to get washed out.

 

In the end, volatility is still the rule in crypto. The best way to navigate it is to stay informed, understand the underlying market drivers, and resist reacting to every swing. Whether this downturn becomes a lasting trend or a temporary reset will depend on how quickly confidence and liquidity return in the weeks ahead.

 

Stay Connected

You can stay up to date on all News, Events, and Marketing of Rare Network, including Rare Evo: America’s Premier Blockchain Conference, happening  July 28th-31st, 2026 at The ARIA Resort & Casino, by following our socials on X, LinkedIn, and YouTube.