Bitcoin’s Plunge: A Tale of Woe and Whales 🌊💰

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Key observations, dear reader:

  • Bitcoin, that fickle darling, has tumbled beneath $104,000, leaving its admirers in a state of most profound consternation. 😱

  • The prognosticators now fix their gaze upon the CME futures gap at $92,000, a figure that seems to haunt the dreams of the financially inclined. 📉

  • Short-term holders, poor souls, find themselves mired in the crimson depths of unrealized losses, their fortunes as fleeting as a summer breeze. 🌪️

Bitcoin (BTC), that enigmatic creature of the digital realm, suffered further indignities on Tuesday, as traders braced themselves for prices dipping below the once-sacred $100,000 mark. Oh, the folly of it all! 🤦‍♀️

Bitcoin's tumultuous journey

Bitcoin’s Price in a Most Unseemly “Freefall” as $104,000 Slips Away

Data from CryptoMoon Markets Pro and TradingView, those stalwart chroniclers of financial whims, recorded new lows of $103,732 on Bitstamp, with the price descending by over 2% on Tuesday. A most lamentable affair, indeed! 😢

The fragility of the morning persisted during the Asia trading session, as market participants whispered amongst themselves that the $100,000 support level was but a fragile illusion. “Alas, $BTC is in absolute free fall,” exclaimed crypto investor and entrepreneur Ted Pillows on X, his words dripping with melodrama. 🗣️

“There’s no strong support until the $100,000 level, which means it’ll most likely get retested. Mark my words, dear friends!”

Ted Pillows' dire prediction

Pillows, ever the astute observer, cast his gaze upon an unfilled weekend “gap” in CME Group’s Bitcoin Futures market at around $92,000, a figure that looms like a specter just below the 2025 yearly open. “Should Bitcoin forsake the $100,000 zone, expect a correction towards the $92,000 level, which harbors a CME gap,” he added, his tone as grave as a funeral dirge. ⚰️

CME gap analysis

Trader Daan Crypto Trades, a voice of doom if ever there were one, warned that BTC/USD had lost its “main support” from recent weeks. “Now nearing the bottom of the range where price made its initial higher low after the bounce post 10/10 liquidation event,” he proclaimed on X, his words a testament to the fickleness of fortune. 🧐

Daan Crypto Trades further noted that, in addition to “massive” selling by Bitcoin whales-those leviathans of the crypto sea-US stocks had grown less bullish, while the US dollar flexed its muscular strength. Three headwinds, indeed, that bode ill for the crypto realm. “All in all, not a great recipe for the time being,” he concluded, his sarcasm as sharp as a wit’s blade. 🍴

Market headwinds

Derivatives trader Ardi, ever the keen-eyed observer, noted that the Oct. 10 liquidation wick was now being filled, with prices dipping back into the $103K range on Binance. A most unfortunate turn of events, to be sure! 😔

$BTC 10/10 liquidation wick now getting filled.

Back into the $103K range. – Ardi (@ArdiNSC) November 4, 2025

This level, dear reader, coincides with Bitcoin’s 50-week exponential moving average (EMA)-a threshold untouched for seven long months. Oh, the irony of it all! 🕰️

50-week EMA confluence

Unrealized Losses Spark a Most Unseemly “Capitulation”

The price pressure, like a relentless storm, wrought renewed stress upon recent Bitcoin buyers, who now find themselves underwater on their holdings. A most lamentable state of affairs! 🌧️

Data from the onchain analytics platform Glassnode reveals that the Net Unrealized Profit/Loss (NUPL) indicator for short-term holders (STHs) has returned to “capitulation” territory. NUPL, that arbiter of profitability, examines the fortunes of onchain transactions involving entities holding for up to 155 days. At the time of writing, it measured -0.058, inching toward its lowest levels since April. A dire portent, indeed! 📉

“Historically, such periods of STH stress and capitulation have marked attractive accumulation opportunities for patient investors,” Glassnode remarked on X Monday, their tone a mix of wisdom and wit. 🧠

NUPL capitulation analysis

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2025-11-04 12:29