Bitcoin’s price hovered around $93,000 on Tuesday as the market continued to reel from limited liquidity, cascading leverage and growing bearish conviction at key technical levels.
The Bitcoin price was trading around $94,000 at midday, up 1% in the past 24 hours, with a hefty trading volume of $111 billion. The asset is now 1% below the weekly high of $93,669 and 4% above the weekly low of $89,368.
Bitcoin’s circulating supply stands at 19,950,440 BTC, which is closer to the hard limit of 21 million, while the global market cap came in 1% higher at $1.85 trillion, according to data from Bitcoin Magazine Pro.
But the sentiment is anything but positive. As volatility increases and liquidity decreases, even modest flows push the market.
“Markets are still feeling the impact of the October 10 liquidation,” Nicolai Søndergaard, research analyst at Nansen, wrote to Bitcoin Magazine. “Market depth has fallen by about 30% since then, meaning even modest selling pressure can impact prices sharply. That’s essentially why Bitcoin has fallen below $90,000 today. When liquidity is so tight, much less capital is needed to push the market in either direction, and when you add leverage on top of that, volatility becomes inevitable.”
What Søndergaard points out is the wave of liquidations that arose after a new wave of trading jitters sparked a historic rush to unwind long positions in bitcoin. Investors have lost about $19 billion in leveraged bets on the major exchanges in less than a day – with some estimates putting the total closer to $30 billion.
On that day, the bitcoin price fell more than 10%. It marked the largest bitcoin liquidation event ever.
Søndergaard added that the options data shows a “non-negligible” probability of a dip towards the mid-$80,000s, although a recovery or stabilization near current levels seems more likely.
Some long-term investors see opportunity in the chaos: “If your goal is to save the hardest money humanity has ever known, you can stack 25% more bitcoin than you did a month ago,” Timot Lamarre, director of market research at Unchained, wrote to Bitcoin Magazine.
Bitcoin Price: Bearish Structure Dominates
Broader market sentiment turned sharply negative following the Bitcoin price’s decisive break below $96,000, a level that analysts at Feral Analysis and Juan Galt had identified as critical weekly support for weeks. Analysts warn that “with prices closing so low, we shouldn’t expect much of a rebound at this level.” Resistance above $94,000 is “thick now,” they said, with sellers waiting on every major price plank.
A high volume support zone is between $83,000 and $84,000. Another key area is between $69,000 and $72,000, which marks the top of the consolidation range for 2024. A drop to the mid-$80,000s also becomes more likely as volatility increases again.
Upside scenarios remain a challenge. Even a surprise short squeeze, they wrote, would face “the equivalent of a brick wall” between the bitcoin price of $106,000 and $109,000. Only a weekly close above $116,000 would force a reconsideration of the bear trend – an outcome they call unlikely.
The bitcoin price is now down more than 25% from its peak in October. That decline has led to a new debate about whether the 2025 cycle top is already behind us. Historically, there are large cycle highs during the September-December period. This year’s structure fits the pattern, but with a twist: the summit may have arrived early and with less force than expected.
A late-cyclical peak in the first quarter of 2026 remains possible. With stocks showing the first signs of fatigue and liquidity draining from the broader risk markets, they argue that there remains “little hope for a meaningful rally or new highs” in the near term.
At the time of writing, the bitcoin price is 92,916. The 24-hour low is $89,183 according to BM Pro data.
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