Bitcoin Price Dips Below $104K with $92K Target in Sight as Fresh Buyers Face Capitulation Pressure

By: crypto insight|2025/11/04 14:30:09
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Key Takeaways

  • Bitcoin has slipped under $104,000 for the first time in weeks, signaling potential further drops amid weakening support levels.
  • Traders are eyeing a possible retreat to $92,000, aligning with an unfilled CME futures gap and raising concerns about sub-$100,000 prices.
  • Short-term holders are accumulating unrealized losses, entering a “capitulation” phase that historically presents buying opportunities for patient investors.
  • Market headwinds like heavy whale selling, less bullish US stocks, and a strengthening US dollar are contributing to the downward pressure.
  • Onchain data highlights stress among new buyers, with indicators like NUPL showing deepening red territory for those holding up to 155 days.

Imagine watching a rollercoaster that’s been climbing steadily, only to suddenly plunge into a steep drop— that’s the kind of thrill, or perhaps dread, Bitcoin enthusiasts are feeling right now. As of November 4, 2025, the cryptocurrency king has given up its grip on $104,000, marking a significant shift after weeks of holding firm. This isn’t just a minor blip; it’s stirring up conversations among traders who are bracing for even lower levels, possibly dipping below that psychologically crucial $100,000 mark. But amid the turbulence, there’s a silver lining for those with a long-term view, as new buyers find themselves in what’s being called “capitulation mode,” a phase that often signals the bottom before a rebound. Let’s dive deeper into what’s driving this Bitcoin price action, drawing on market data and expert insights to make sense of it all.

Understanding the Bitcoin Price Slide: From Highs to New Lows

Bitcoin’s journey has always been a tale of peaks and valleys, much like a seasoned explorer navigating uncharted territories. Recently, it hit a fresh low of $103,732 on major exchanges, representing a drop of over 2% in a single day. This came during the early Asia trading hours, where the weakness first became apparent. It’s as if the market’s momentum, built up over previous gains, suddenly hit a wall.

Traders are quick to point out that this isn’t an isolated event. One investor described the situation as Bitcoin entering “absolute freefall,” noting there’s little solid ground until it tests the $100,000 level again. Think of it like a game of Jenga—remove one key block, and the whole structure wobbles. In this case, the removal was the loss of recent support levels, paving the way for more downside. This perspective isn’t just anecdotal; it’s backed by real-time data showing the price struggling to hold above critical thresholds.

Adding to the intrigue is the focus on an unfilled gap in the CME Group’s Bitcoin futures market, sitting around $92,000—just shy of the 2025 yearly open. If Bitcoin can’t defend $100,000, many believe it’ll correct toward this gap, filling it like a puzzle piece snapping into place. This isn’t speculation without foundation; historical patterns show these gaps often act as magnets for price action, drawing the market back to resolve them.

Key Market Indicators Pointing to Deeper Bitcoin Price Corrections

Delving into the technical side, without getting bogged down in jargon, we see Bitcoin losing what had been its primary support from the past few weeks. Analysts note it’s now approaching the lower end of a range where it previously formed a higher low following a major liquidation event back on October 10. That event, a sharp crash, left a lasting imprint, with the price wick on some exchanges reaching as low as $102,000.

This $102,000 level isn’t arbitrary—it’s where the liquidation wick from October 10 is being revisited, creating a sense of déjà vu for market watchers. To add weight to this, it coincides with Bitcoin’s 50-week exponential moving average, a metric that hasn’t been tested in seven months. Picture this average as a safety net that’s held strong before; if it breaks, the fall could accelerate.

But it’s not just technicals at play. External factors are piling on the pressure. Massive selling from large Bitcoin holders, often called whales, is one culprit. Combine that with US stocks losing their bullish steam and the US dollar gaining strength, and you’ve got a recipe for caution in the crypto space. It’s like trying to sail against a headwind—progress becomes tougher, and sometimes, you end up drifting backward.

The Human Element: New Buyers in Capitulation Mode Amid Unrealized Losses

Now, let’s shift our focus to the people behind the charts—the investors, especially the newer ones, who are feeling the heat. When prices drop like this, it’s not just numbers on a screen; it’s real unrealized losses stacking up. Onchain analytics reveal that short-term holders—those who’ve been in the game for up to 155 days—are diving deep into the red.

A key indicator here is the Net Unrealized Profit/Loss (NUPL) for these holders, which has slipped to -0.058. This puts them firmly in “capitulation” territory, a term that evokes images of surrender in a battle, but in markets, it often means shaking out the weak hands before a recovery. Historically, these periods of stress have been golden windows for accumulation. Patient investors who buy during capitulation phases tend to reap rewards when the tide turns, as evidenced by past cycles where similar NUPL readings preceded rallies.

This capitulation isn’t happening in a vacuum. It’s tied to broader market sentiment, where fresh entrants, lured by earlier highs, now face the harsh reality of volatility. It’s a reminder that Bitcoin, like any high-stakes investment, rewards those who can weather the storms. For platforms like WEEX, which prioritize secure and user-friendly trading environments, this phase underscores their value in helping traders navigate such turbulence with reliable tools and insights, aligning perfectly with a brand committed to empowering users through education and stability.

Drawing Parallels: How Past Bitcoin Price Dips Compare to Today’s Scenario

To make this more relatable, let’s compare it to previous Bitcoin downturns. Back in April, when NUPL hit similar lows, the market eventually bounced back, rewarding those who held firm. It’s akin to a forest fire clearing out deadwood, allowing new growth to flourish. Today’s situation mirrors that, with the added twist of external economic pressures. Unlike isolated crypto events, this dip is intertwined with global factors, making it a multifaceted challenge.

Evidence from onchain data supports this view. The growing unrealized losses among short-term holders aren’t just stats—they reflect real investor behavior. In past instances, when NUPL dipped into negative territory, it often marked the exhaustion of selling pressure, paving the way for bulls to regain control. This isn’t guesswork; it’s patterns observed over years of market cycles, giving credibility to the idea that current pain could lead to future gains.

Broader Market Context: What Google Searches and Twitter Buzz Reveal

As this Bitcoin price story unfolds, it’s capturing attention far beyond trading desks. Based on recent trends as of November 4, 2025, frequently searched questions on Google include queries like “Why is Bitcoin dropping below $104,000?” and “Is $92,000 the next Bitcoin support level?” These reflect widespread curiosity about the immediate drivers and potential floors, with users seeking explanations for the slide and tips on whether to buy the dip.

On Twitter, the buzz is electric, with discussions centering on “Bitcoin capitulation” and “whale selling impacts.” Posts from traders highlight the CME gap at $92,000, often sharing charts and predictions. For instance, a recent tweet from a prominent analyst noted, “BTC in freefall—$100K test incoming, with $92K gap looming,” garnering thousands of retweets and sparking debates on accumulation strategies. Official announcements from exchanges have also surfaced, emphasizing market volatility warnings, though WEEX stands out by offering timely educational resources to help users understand these shifts, reinforcing its reputation for transparency and user support.

Latest updates as of today include fresh Twitter threads analyzing the October 10 wick fill, with one viral post stating, “Back to $103K range—50-week EMA in play,” complete with visuals that align with the data we’ve discussed. These conversations aren’t just noise; they’re shaping sentiment, with many users drawing analogies to historical corrections that ended in strong rebounds.

Integrating Real-World Examples: Lessons from Bitcoin’s Volatile History

Consider the 2021-2022 cycle, where Bitcoin plummeted from all-time highs amid similar whale activity and macroeconomic headwinds. Back then, capitulation phases saw NUPL levels comparable to today’s -0.058, and those who accumulated during the dip were handsomely rewarded in the subsequent bull run. It’s like investing in a startup during its rocky early days—risky, but with evidence of potential payoff.

Today’s environment adds layers, with US dollar strength acting as a counterforce, much like how oil prices influence global economies. Data shows this dollar rally correlating with crypto weakness, providing a factual basis for caution. Yet, for forward-thinking platforms like WEEX, which integrate advanced analytics to track such indicators, it becomes an opportunity to guide users toward informed decisions, enhancing their brand as a trusted ally in volatile markets.

Navigating the Future: What This Means for Bitcoin Investors

As we wrap up this exploration, it’s clear that Bitcoin’s current price woes are a mix of technical breakdowns, onchain stress, and external pressures. The slide below $104,000, the looming $92,000 target, and the capitulation among new buyers paint a picture of short-term pain, but one that’s often followed by renewal. It’s like a phoenix rising from ashes—markets cycle through these phases, and history suggests resilience.

For investors, the key is perspective. While no one can predict the exact bottom, indicators like the 50-week EMA and NUPL offer grounded insights. Platforms that align with user needs, such as WEEX’s focus on secure trading and real-time data, play a crucial role in turning challenges into opportunities. By staying informed and avoiding knee-jerk reactions, you position yourself to capitalize when the winds shift.

In the end, Bitcoin’s story is one of endurance, and this chapter, though turbulent, is just another page in its ongoing saga.

FAQ

What caused Bitcoin to drop below $104,000?

The drop stems from a combination of lost support levels, heavy whale selling, and broader market factors like a strengthening US dollar and cooling US stocks, leading to increased downward pressure.

Is $92,000 a realistic target for Bitcoin’s next low?

Yes, many traders see it as plausible due to an unfilled CME futures gap at that level, especially if $100,000 support fails, based on historical gap-filling patterns.

What does “capitulation mode” mean for Bitcoin holders?

It refers to a phase where short-term holders face significant unrealized losses, often leading to selling pressure that historically signals potential buying opportunities for long-term investors.

How can I track Bitcoin’s unrealized profit/loss indicators?

Use onchain analytics tools that monitor metrics like NUPL for entities holding up to 155 days, which can highlight stress levels and capitulation territories.

Should I buy Bitcoin during this dip?

While historical data shows capitulation phases can be attractive for accumulation, it involves risk; conduct your own research and consider market headwinds before deciding.

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