Bitcoin News Today: Bitcoin's $100K Defense Weakens as Death Cross and Miner Selling Intensify

Bitcoin's recent price action has intensified scrutiny as the cryptocurrency faces critical junctures following a failed breakout above $107,000. The rejection at this key level has reignited bearish sentiment, with analysts highlighting the emergence of a "death cross" pattern—a bearish technical indicator where the 50-day simple moving average (SMA) dips below the 200-day SMA. This development, first noted in a Coindesk analysis Coindesk, underscores growing concerns about prolonged downward pressure on BTC, though past instances of the death cross have occasionally produced false signals Coindesk.

The failed attempt to reclaim $107,000 has drawn attention to the next critical support level at $104,000, as traders brace for potential volatility. According to Cointelegraph and TradingView, Bitcoin's inability to hold above $107,000 has raised alarms about a potential retest of the $100,000 threshold Cointelegraph. Crypto investor Ted Pillows emphasized the importance of the $104,000 level, noting its alignment with a CME Group futures gap that could trigger a bounce if buyers step in Cointelegraph. Meanwhile, the broader crypto market remains under pressure, with Ethereum and total market cap also showing signs of weakness near similar resistance zones Cointelegraph.

Technical analysis from Seeking Alpha highlights Bitcoin's fragile position above $100,000, a level that has historically served as a barometer for market sentiment Seeking Alpha. The cryptocurrency is currently trading near its 200-day SMA ($102,700), with a descending channel suggesting further declines could accelerate toward $93,000 if support breaks Seeking Alpha. Coindesk's 10x Research report adds urgency to these concerns, warning that a drop below $100,000 could trigger panic selling from institutional holders, particularly around the $93,000 liquidity "air pocket" 10x Research. This level coincides with the average acquisition cost of Bitcoin ETFs, which could amplify volatility if price pressure intensifies 10x Research.

Meanwhile, miner selling dynamics complicate the near-term outlook. Crypto News reports that increased distribution from miners, coupled with cooling ETF inflows, may cap Bitcoin's recovery attempts within the $100,000–$108,000 range Crypto News. A sustained break above $108,000 could reignite buying interest, but downside risks persist, including potential liquidations and sluggish trading volumes Crypto News. Yahoo Finance's analysis of BTC's day chart further reinforces bearish signals, with a head-and-shoulders pattern suggesting a possible drop to $94,000 or even $87,000 if sellers dominate Yahoo Finance.

As the market navigates these pivotal levels, the coming weeks will test whether bulls can reclaim control or if bears will solidify their grip on Bitcoin's trajectory.