Биткоин продолжает падение ниже $105,000: рынки на грани кризиса Headline: Bitcoin Continues Decline Below $105,000: Markets on the Brink of Crisis

The initial cryptocurrency and the broader market continued their downward adjustment, primarily due to mass liquidations, particularly of long positions.

At the time of writing, the digital gold is approaching the $105,000 mark, with a noticeable surge in trading volumes.

The price has dipped below the $105,000 threshold.

In the past 24 hours, liquidation volumes have exceeded $1 billion, predominantly in longs (almost $800 million).

As is often the case, Bitcoin’s correction has dragged the entire market down with it:

Over the last day, the leading cryptocurrency has dropped by 4.7%; Ethereum has fallen by 6.2%. BNB decreased by 6.2%, XRP by 7.1%, and Solana by 7.8%.

The total market capitalization stands at approximately $3.65 trillion, reflecting a 5.3% decline within a day.

CryptoQuant analyst Axel Adler noted that the failure of support within the $106,000-$107,000 range could test the psychological level of $100,000, through which the 365-day moving average passes.

«As long as this base holds, the market structure remains bullish,» he emphasized.

Analysts from Glassnode highlighted the significance of the $99,900 level. They believe that a drop below the 365DMA would heighten the risks of a deeper correction.

Experts from XWIN Research mentioned in a post for CryptoQuant that the current market structure stands in stark contrast to those seen in 2020-2021.

«The decrease in exchange reserves and the resilience of long-term holders indicate that short-term volatility does not imply structural weakness,» the researchers pointed out.

The resumption of the correction was preceded by capital outflows from exchange-traded funds. In the last day, investors withdrew $536.44 million from Bitcoin-based ETFs — the worst figure since August 1 ($812.25 million).

The largest outflow was recorded at ARKB from Ark & 21Shares, with a $275.15 million decrease in a single day; FBTC from Fidelity «lost» $132 million.

Capital exits were also noted from 8 out of 12 Ethereum-based ETFs, with a collective daily outflow of a relatively modest $56.88 million.

«The net outflow of $536 million primarily reflects a surge in investors seeking to reduce risks,» said Nik Rak, director of LVRG Research, in an interview with The Block.

He attributed the caution among market participants to a range of macroeconomic factors, particularly shifts in U.S. tariff policy. Another significant aspect is the «broader deleveraging process in the market,» which has led to substantial liquidations.

Rak noted that outflows from ETFs indicate «market fragility in the short term» and the likelihood of intensified price pressures.

«In my opinion, the market is striving for stabilization,» said Justin d’Anetan, head of research at Arctic Digital.

He added that the market remains influenced by two factors: geopolitical uncertainty and the persistent impact of strict monetary policy, «which has not yet changed course.»

«Overall, there are grounds for the market to maintain moderate optimism,» d’Anetan noted. «Inflationary pressures are gradually easing, and central banks are on the verge of a turnaround.»

He emphasized that until clear signals emerge — whether from CPI data, regulator statements, or «real diplomatic shifts» — volatility will remain high.

A popular sentiment indicator has plummeted to a level of 22, signaling panic among a wide array of market participants.

Such low values for the metric were last observed in April.

Against the backdrop of tariff uncertainty between the U.S. and China, gold set a new historical peak, surpassing $4,300 per troy ounce. The market capitalization of the commodity has also crossed the $30 trillion threshold for the first time.

Gold proponents have drawn attention to its rise amid the digital counterpart’s decline. Notorious cryptocurrency critic Peter Schiff claimed that the precious metal would reach $1 million per ounce before Bitcoin does.

«It’s not just about dedollarization, but also debitoization. Cryptocurrency has failed the test as a viable alternative to the dollar or digital gold. Hodlers deny the obvious and refuse to acknowledge reality,» he pointed out in a separate post.

However, some have suggested a capital flow into the first cryptocurrency.

«In any case, given the current market situation, it makes sense to expect that profits will soon start flowing from gold,» speculated an investor under the name Jelle.

A chart attached to his post illustrates how Bitcoin has outperformed gold at various times and then «caught up» to it.

Recall that at the beginning of October, the leading cryptocurrency updated its historical high above $125,000. Now, the price is 16% lower than that peak.