Bitcoin price hovered near $93,000 on Tuesday as the market continued to suffer from poor liquidity, cascading leverage and increasing bearish conviction across key technical levels.
Bitcoin price was trading near $94,000 at midday, up 1% over the past 24 hours, with a massive trading volume of $111 billion. The asset now lies 1% below the weekly high of $93,669 and 4% above the weekly low of $89,368.
Bitcoin’s circulating supply stands at 19,950,440 BTC, just shy of the 21 million maximum, while the global market cap rose 1% to $1.85 trillion, according to Bitcoin Magazine Pro data.
But feelings are not thriving at all. As volatility rises and liquidity dwindles, even modest flows drive the market.
“Markets are still feeling the impact of the October 10 liquidation event,” Nikolai Sondergaard, a research analyst at Nansen, wrote for Bitcoin Magazine. “Market depth has declined by about 30% since then, meaning that even modest selling pressure can move prices sharply. This is the primary reason why Bitcoin fell below $90,000 today. When liquidity is that thin, it takes much less capital to push the market in either direction, and when you put leverage on top, volatility becomes inevitable.”
What Søndergaard refers to is the wave of liquidations that broke out a year later A new bout of trade tensions It launched a historic rush to unwind Bitcoin long positions. Investors have offloaded nearly $19 billion in leveraged bets across major exchanges in less than a day — with some estimates putting the total closer to $30 billion.
On that day, the price of Bitcoin fell by more than 10%. This marked the largest Bitcoin liquidation event ever.
Sondergaard added that options data shows a “negligible” possibility of a decline towards the mid-$80,000 range, although a rebound or stabilization near current levels seems more likely.
Some long-term investors see opportunity in the mess: “If your goal is to make the hardest money ever known to humanity, you can amass 25% more Bitcoin than you were able to just a month ago,” Timothy Lamar, director of market research at Unchained, wrote to Bitcoin Magazine.
Bitcoin Price: Bearish structure prevails
The broader market mood turned sharply negative following Bitcoin’s decisive breakout below $96,000, a level that analysts at Feral Analysis and Joan Galt have pointed to for weeks as crucial weekly support. “With the price closing so low, we should not expect much, if any, bounce at this level,” analysts warn. They said resistance above $94,000 is now “thick,” with sellers waiting at every major price shelf.
The high volume support area is located at $83,000 – $84,000. Another key area is at $69,000-$72,000, marking the top of the consolidation range for 2024. A slide into the mid-$80,000s also becomes more plausible if volatility picks up again.
Bullish scenarios remain challenging. Even a sudden short squeeze would encounter “the equivalent of a brick wall” between Bitcoin’s price of $106,000 and $109,000, they wrote. Only a weekly close above $116,000 would force a reconsideration of the downside – an outcome they describe as unlikely.
Bitcoin’s price is now down more than 25% from its peak in October. This decline has sparked new debate about whether the peak of the 2025 cycle is already behind us. Historically, the September-December window hosts major cycle highs. This year’s structure fits the pattern — but with a twist: The top may have arrived earlier and with less force than expected.
A late-cycle peak could still be reached in the first quarter of 2026. With stocks showing early signs of exhaustion and liquidity draining from broader risk markets, they say there is “still little hope for any meaningful rally or new highs” in the near term.
At the time of writing, the price of Bitcoin is 92,916. The 24-hour lows are $89,183 according to BM Pro data.
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