Bitcoin Plunges Under $103K: Bear Market Roars Back With a Vengeance
Blood in the streets as BTC nosedives below six figures—traders scramble for cover.
Bearish momentum smashes through key support
The king of crypto just got dethroned—at least temporarily—as Bitcoin''s price action turns uglier than a Wall Street analyst''s spreadsheet. A 20%+ drop in 48 hours vaporized $103K support like it was a meme coin''s fundamentals.
Whales are dumping, retail is panicking, and your ''buy the dip'' tweets aren''t helping. Meanwhile, institutional traders are quietly loading up—because nothing makes hedge funds happier than retail capitulation.
Silver lining? This is Bitcoin we''re talking about. It''s died 427 times before. Just ask the guys still waiting for $10K.
- Bitcoin plunged 4% below $103,000 after Israeli airstrikes, signaling intense bearish pressure.
- Ethereum’s funding rate collapsed despite a 60% surge in open interest since May 1.
- Bitcoin briefly surpassed $110K but fell 1.2% as traders took profits after CPI data.
Bitcoin is trading around $103,990 at the time of writing, showing tentative signs of stabilization after a sharp 4% plunge triggered by escalating geopolitical tensions in the Middle East. The price briefly dipped below $103,000 following Israeli airstrikes on Iran but has since recovered modestly.
On the 2-hour chart, Bitcoin remains under pressure, with Bollinger Bands widening and the price hugging the lower band—indicating increased volatility and bearish momentum.
Bitcoin’s failure to hold above the critical breakout level of $106,000 casts doubt on the rally seen earlier this week. Analysts at 10x Research have warned that this breakdown signals a false breakout, potentially opening the way for deeper corrections.
Bitcoin Just Lost Its Breakout — Here’s the Support Level That Matters Now
Why this report matters
Bitcoin’s breakout above $106,000 didn’t hold, and that could mean more than just a failed rally.
Ethereum’s funding rate has quietly collapsed, even as open interest surged… pic.twitter.com/7XH0NMaK7I
Circle IPO Fuels Unstable Crypto Momentum
Meanwhile, Ethereum’s market dynamics show a growing disconnect between price movement and speculative activity. Ethereum’s funding rate has collapsed even as open interest surged over 60% since May 1. The divergence suggests that much of the recent ETH activity may be driven by speculative excess rather than fundamental strength. The concern is underscored by one firm’s $425 million bet on the ethereum treasury, which backfired dramatically as the company’s stock plunged 70% in after-hours trading.
10x Research attributes the recent surge in both Bitcoin and Ethereum largely to short-term hype, particularly linked to the Circle IPO. While this excitement momentarily boosted prices, the momentum appears fragile and overly speculative. Without solid fundamentals underpinning these gains, the sustainability of the rally remains doubtful.
Bitcoin Traders Profit-Take Above $110K
Bitcoin also declined 1.2% to $107,369 and Ethereum slipped 0.96% to $2,746 after cooler-than-expected Consumer Price Index (CPI) data triggered a classic “buy the rumor, sell the news” reaction across crypto markets. Bitcoin’s initial push above $110,000 and Ethereum’s rise near $2,880 quickly reversed as traders took profits following CPI figures showing annual inflation at 2.4%, slightly below the forecast of 2.5%.
Technically, bitcoin is trading comfortably above its 50-day exponential moving average EMA50. The price has not changed much within the channel since the mid of May and it has been moving in a consolidation phase after erasing the losses with a bullish correction.
Ethereum’s chart has a more optimistic, breaking out of its horizontal channel that previously contained a price between $2,400 and $2,700. The $2,400 level was strong enough and untouched consequently buyers are now confident in that level. Momentum indicators also show increased Optimism for Ethereum, suggesting stronger technical resilience despite recent market turbulence.
Read More: Bitcoin’s Cycle Top: Will 2025 or 2026 Mark the Peak?
