Bitcoin loses its last line of defense: $98k breakdown sparks cascade not seen since May

Bitcoin (BTC) fell 3% to $98,550.33, breaking the critical $100,000 psychological support and causing over $190 million in long liquidations within an hour, marking a cascade not seen since May. This decline is fueled by persistent US spot Bitcoin ETF outflows, which totaled $278 million on November 12th, removing a key stabilizing force. Analysis from Glassnode indicates that Bitcoin is in a bearish regime, trading below the short-term holder cost basis of $111,900, with realized losses exceeding 80% of the value sold near $98,000, suggesting capitulation. Market sentiment remains defensive, evidenced by subdued funding rates and traders paying a premium for put options. A sustained recovery requires Bitcoin to reclaim the $111,900 level, as a dense supply cluster between $106,000 and $118,000 acts as resistance, exacerbated by broader risk-off sentiment advising caution during this phase of the market cycle.

(Source：CryptoSlate)