Bitcoin Price Hovers Near $100,000 As Market Awaits Moves

Bitcoin’s price fell below $100,000 this week for the first time since June, down more than 20% from its all-time highs above $120,000 last month.

The decline comes after weeks of sustained selling in the spot market, profit-taking by long-term holders, and a cautious macro environment. ETF outflows, a stronger dollar, and broader risk-off sentiment have added to the pressure.

Bitcoin traded back above $102,000 today, showing some resilience, but volatility remains high, according to Bitcoin Magazine Pro.

Analysts point to continued accumulation by new buyers, although long-time holders are reactivating coins at a notable pace.

Vetle Lunde of K33 Research noted that more than 319,000 bitcoins held for six to twelve months have been transferred in recent weeks, most of which were actual sales.

Marcus Thelin of 10x Research said the huge whales Entities holding between 1,000 and 10,000 bitcoins unloaded significant amounts, while medium-sized holders have largely stopped buying.

It is estimated that nearly 400,000 bitcoins, or about $45 billion, have exited the market in the past month.

Rebel funds into institutional assets

Bitcoin’s rise over the past decade and a half has been punctuated and marked by shifts in identity. In the early years, enthusiasts felt part of an underground movement to build better money for a better world.

Critics were vocal but often wrong, and discussions about privacy, environmental impact, and financial sovereignty energized the community. Emotions were high, and the project felt meaningful beyond just the price.

Now, according to Troy Cross, with the entry of Wall Street and ETFs, The Bitcoin brand has evolved. It has become a hedge, a retirement asset, and a component of treasury strategies. Its revolutionary appeal – as a tool to finance the unbanked and resist central control – remains technically sound, but the narrative has changed.

The focus has moved from being a rebellion against fiat currencies to being a corporate and finance friendly tool.

Michael Saylor and other institutions that have embraced it have accelerated this trend. Bitcoin now shares the spotlight with gold and stocks, which are often in risk-adjusted portfolios rather than a movement for financial empowerment.

Despite this, the essence of Bitcoin remains unchanged. It remains global, permissionless, and censorship-resistant. Anyone can participate. Transactions remain verifiable and final.

Bitcoin price movement over the past month

Price action highlights this duality, as we have seen over the past month. On October 10, US President Trump’s threat to impose a 100% tariff on Chinese imports sparked widespread panic, leading to the largest single-day liquidation in cryptocurrency history – over $19 billion of leveraged positions were liquidated within 24 hours.

Some merchants expected A retest of $92,000, linked to CME futures gaps, while others see support between $98,000 and $100,000. Other analysts expect the price to rise to $170,000.

History suggests that these pauses are not the end of the Bitcoin story. Each cycle included the stages of distribution, integration, and renewed growth. What changes is not the network itself, but the culture surrounding it, i.e. the transformation from an underground movement to an accepted institutional asset.