Bitcoin’s $100,000 Siege: Bulls Dig In for the Ultimate Breakout

Bitcoin's grinding ascent faces its defining moment—a make-or-break stand at the six-figure frontier.

The psychological fortress

Market makers are playing 4D chess around the $100k level, with derivatives open interest hitting record highs. Liquidity pools cluster like armored divisions at the threshold.

Institutional FOMO meets miner profit-taking

Wall Street's Bitcoin ETFs now hold more BTC than MicroStrategy—while old-school hodlers quietly rotate into altcoins. The ultimate test of diamond hands versus smart money.

Will this be crypto's Normandy or its Stalingrad? Either way, the battle lines are drawn—and the suits are watching through their Bloomberg terminals with sweaty palms.

is once again fighting a crucial battle at the $100,000 level. According to the latest market report by Glassnode, the price dropped below the cost base of short-term investors at $112,500, marking the end of the last bull phase. Consequently, the market retracted by 21%, entering a precarious equilibrium. Experts emphasize that while the current structure has not evolved into panic selling, long-term investors continue to offload their holdings.

Increased Selling Pressure Following Demand Decline

Blockchain indicators reveal that Bitcoin is struggling to maintain its position around $100,000, clearly indicating a lack of demand. Even though 71% of the supply remains in profit below the short-term investors’ cost level, this percentage suggests a typical correction range. Glassnode’s “active investor realized price” data highlights the $88,500 level as significant downward structural support. Historically, this level formed the foundation for prolonged consolidation periods in previous cycles.

Since July, the supply held by long-term investors has decreased by 300,000 BTC. This points to a shift from “selling at the peak” behavior earlier in the cycle to “selling on the decline”. Even seasoned investors opting to realize their gains is considered a vital signal of deepening distrust in the market’s direction.

Market on the Defensive as Institutional Interest Fades

In the United States, net outflows from spot bitcoin ETFs have ranged between $150 million and $700 million daily over the past two weeks. Contrary to the strong inflows observed in September and October, the reversal in fund flows highlights a notable slowdown in institutional interest. Spot exchanges, as reflected by CVD data, show a prevailing selling pressure. While Binance and other major exchanges continue to see net outflows, even Coinbase exhibits a neutral trend.

In the, the unwinding of Leveraged positions caused the directional premium to drop from $338 million to $118 million. Derivatives traders are noticeably steering away from aggressive long positions, favoring neutral risk management. Meanwhile, in the, demand is rising for put options with a strike price of $100,000, and increasing premiums suggest investors prefer hedging strategies over “buying the dip”.