Bitcoin Price Crashes Below $98,000 To 6-Month Low
The post Bitcoin Price Crashes Below $98,000 To 6-Month Low appeared on BitcoinEthereumNews.com.
Bitcoin price fell sharply today, sliding from an intraday high of $104,000 to $98,113, wiping out earlier gains and marking a decisive breakdown in price action. Starting in morning trading, the Bitcoin price consistently bled down from the upper $102,000s to lows of $97,870. According to Bitcoin Magazine Pro data, the last time Bitcoin price was near these levels (sub $98,000) was in early May — roughly May 8 depending on time zone. Bitcoin price vaulted above $100,000 for over 40 days after that before dipping back to $98,000 in late June. One possible reason why the bitcoin price is long-term holders that are unloading at record levels. Data from CryptoQuant shows they’ve sold about 815,000 BTC in 30 days — the most since early 2024 — while spot and ETF demand weaken. Profit-taking dominates, with $3 billion in realized gains on Nov. 7 alone. Institutional buying has also dropped below daily mining supply, intensifying sell pressure. Prices hover near the crucial 365-day moving average around $102,000, and failure to hold it could trigger deeper losses, according to Bitcoin Magazine Pro analysis. Analysts at Bitfinex say the current bitcoin pullback mirrors past mid-cycle retracements, with the drop from October’s high matching the typical 22% drawdown seen throughout the 2023–2025 bull market. “It is important to note too, that even at the $100,000 level, approximately 72 percent of the total BTC supply remains in profit,” Bitfinex analysts wrote to Bitcoin Magazine. They believe a short relief rally is likely but that a sustained recovery will require fresh demand. According to The Block, JPMorgan analysts say bitcoin price’s current estimated production cost of $94,000 acts as a historical price floor, suggesting limited downside. The analysts believe that rising network difficulty has pushed production costs higher, keeping bitcoin’s price-to-cost ratio near historical lows.…
