Important points:
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Bitcoin fell below $104,000 amid doubts about BTC’s price support.
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Current price targets include a CME futures gap of $92,000.
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Short-term holders are stuck with unrealized losses and are running into large deficits.
Bitcoin (BTC) faced further losses on Tuesday as traders braced for BTC price levels below $100,000.
Bitcoin price falls by $104,000 and goes into “free fall”
Data from Cointelegraph Markets Pro and TradingView shows Bitstamp hitting a new low of $103,732, with the price down more than 2% on Tuesday.
The early weakness continued during Asian trading hours as market participants increasingly believed the $100,000 support level would not be achieved.
“$BTC is in complete free fall right now,” crypto investor and entrepreneur Ted Pillows reacted to X.
“There is no strong support down to the $100,000 level, which means a retest is likely.”
Pillows noted that the weekend “gap” in CME Group’s Bitcoin futures market is at approximately $92,000, just below the 2025 annual opening price.
“If Bitcoin loses the $100,000 zone, we would expect a correction towards the $92,000 level with the CME gap,” he added.
Trader Daan Crypto Trades warned that BTC/USD has lost “major support” in recent weeks.
Regarding the October 10th cryptocurrency market crash, X’s post states, “Prices are currently nearing the bottom of the initial high-to-low range following the rebound following the October 10th liquidation event.”
Daan Crypto Trades pointed to “massive” selling by Bitcoin whales, as well as less bullish sentiment in US stocks, while the US dollar strengthens, as three potential headwinds for cryptocurrencies.
“Overall, it’s not a great recipe for the time being,” he concluded.
Derivatives trader Aldi was among those trying to fill up his Oct. 10 candle wick, which had reached $102,000 on Binance.
$BTC 10/10 Liquidation Wick is currently being filled.
It’s back in the $103,000 range. pic.twitter.com/Gr37PuK0h5
— Ardi (@ArdiNSC) November 4, 2025
This level features a confluence with Bitcoin’s 50-week exponential moving average (EMA), which has remained unchanged for seven months.
Unrealized losses cause “surrender”
Price pressures, in turn, have created new stress for recent Bitcoin buyers, whose holdings are now underwater.
Related: Retail investors retreat to $98,500: 5 things to know about Bitcoin this week
Data from on-chain analytics platform Glassnode showed the Short-Term Holders (STH) Net Unrealized Gains and Losses (NUPL) indicator has returned to “capacity” territory.
NUPL investigates the profitability of on-chain transactions involving entities that hold for up to 155 days. At the time of writing, it is -0.058, heading for its lowest level since April.
“Historically, periods of STH stress and capitulation like this present attractive accumulation opportunities for patient investors,” Glassnord commented on X Monday.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making decisions.