• Bitcoin declines 4.86% to a price of $102,160 with a volume of $162.67 billion, displaying a definite bearish pressure below $103,500.
• Prices touched $98,900 temporarily before settling down, while major supports are around $100,200 and $95,500.
• Fear & Greed Index as low as 21, a sign of intense fear as the target of $125K approaches.

Bitcoin (BTC) continues to show signs of exhaustion after failing to stay above the $105,500 support. BTC started a sharp decline below $104,000 and $103,500, in a clear bearish region. It is projected that Bitcoin will continue plunging in value should it maintain a position below the support of $103,500.

At the time of writing, Bitcoin was trading at 102,160, down 4.86% in the previous 24 hours. In terms of market performance, its 24-hour volume registers at 162.67 billion, while its market cap stands at 2.03 trillion and its dominance at 58.91%. The recent drop signals reduced bullish confidence in the near term.

A bearish trend line has been developed with a resistance at $103,500 in the BTC/USD hourly chart. This failure of the pair to go above the trend line has further affected hopes of a recovery. Failure of Bitcoin to close above $100,000 will lead traders to expect a further price decline.

Bitcoin Price Dips Toward Key Support Levels

Bitcoin slipped below the psychologically significant value of $100,000 to a low of $98,900 before temporarily settling. It is currently ranging around the 23.6% Fib retracement value of the decline from the value of $111,000 to $98,900. This indicates a lack of eagerness from buyers.

The subsequent key resistance lies in the region of $105,000, which also marks the 50% retracement level. Breaching it decisively may lead to a possible test at either $106,400 or $107,500. Failure at the current hurdle of $103,500, on the other hand, could further consolidate a bearish pattern.

If bearish strength continues to build, BTC could fall back to its previous support at either $100,200 or lower, at $98,800. A further decline could see the price go down to $96,200, while a final protective barrier will be at $95,500.

Also Read | Early Bitcoin Whale Turns $15K Into $1 Billion After 14 Years

Extreme Fear Grips Market as Sentiment Turns Bearish

Market psychology has taken a sharp turn as the Crypto Fear & Greed Index plummeted to 21, signaling “Extreme Fear.” Analysts highlighted that if market stagnation continued below 103,500, it may lead to a loss of market confidence and a possible forced distribution of tokens for long-term investors.”

This sentiment shift starkly contrasts with earlier bullish calls predicting a $250,000 Bitcoin. Speaking on the Bankless podcast in early October, the chair of BitMine, Tom Lee, and Arthur Hayes of BitMEX predicted a possible Bitcoin price of as much as $200,000 to $250,000 by the end of the year. 

However, those targets now appear increasingly unrealistic amid persistent selling pressure. Galaxy Digital CEO Mike Novogratz stated that “planets would almost need to align” for Bitcoin to reach such highs. 

Meanwhile, financial analyst Andrew Lokenauth said in an X post that in 2026 predictions, while CIO of research firm Bitwise Asset Management Matt Hougan sees a positive for Bitcoin in the new year, market analyst Andrew Lokenauth is projecting a midterm bear market.

Also Read | Bitcoin Enters Bear Territory With Price Falling Over 20% From ATH