If the downtrend continued, bitcoin could go looking for the $88,000 mark.
In a worse scenario, the digital currency would reach 72,000. dollars.
The fall of bitcoin (BTC) below $99,000 marks a turning point for the market, which now faces a scenario in which the supports built during the bullish cycle are tested.
Breaking this key level not only reflects a technical deterioration, but also a deeper change in supply and demand dynamics. This, fueled by loss of momentum, long-term sales and weakness in demand spot.
As seen in the weekly TradingView chart, bitcoin is now approaching a broader support zone in the areas near $88,000 (yellow band) and $72,000 (green band), ranges that coincide with previous consolidation areas and historical technical references.
According to Glassnode data, bitcoin failed to sustain itself based on short-term holders’ costs ($113,100), a reference that has functioned as a border between expansive and corrective phases of the market. This inability, after six months of progress, indicates a cooling in demand and an increase in risk that the bearish phase will continue.
glassnode describe the current situation as a stage of moderate weakness, with BTC stuck between $97,000 and $111,900 and facing strong resistance at $116,000where exits of investors seeking to recover their equilibrium point are concentrated.
«Extremely bearish phase»
The break of $99,000 occurs in a context marked by a series of bearish factors identified by the on-chain analysis firm, CryptoQuant. The signature points out that the market entered an “extremely bearish” phase following the massive liquidation event on October 10, which deteriorated momentum indicators.
Added to this was a contraction in spot demand—which began on October 8— and a slowdown in stablecoin liquidity growthwhich had been one of the engines of the bullish cycle.
The behavior of long-term holders (LTH) has intensified selling pressure. In the last 30 days, these investors have liquidated around 815,000 BTC, one of the biggest sale episodes so far this year.
In previous cycles, solid demand absorbed this volume without compromising the trend, but this time – CryptoQuant analysts warn – weakness in institutional and retail demand has amplified the correction.
Proof of this is that bitcoin ETFs are registering net outflows and activity indicators suggest a contraction in apparent demand.
At the same time, holders continue to take profits: $3 billion in realized profits were recorded on November 7 alone, a high figure that adds to the pattern of profit realization seen during October.
CryptoQuant highlights that the losses made remain practically non-existent, suggesting that there has not yet been capitulationa factor generally necessary to establish a definitive market floor.
For Salvadoran analyst Jaime Merino, the loss of support at $99,000 weakens the short-term technical structurealthough it does not completely invalidate the larger trend. The analyst reminded CriptoNoticias that corrections of 20–30% are common within broader bullish cycles. However, he warns that the market will need a sustained recovery in demand to resume the upward trajectory and once again project objectives in the $112,000–125,000 area.
For now, bitcoin remains under pressure, with technical and on-chain dynamics pointing to the $88,000 and $72,000 supports as the next key zones should the downtrend continue. Until there is a convincing rebound in demand, The market is still waiting for a catalyst capable of reversing the current deterioration.