Bitcoin (CRYPTO: BTC) sliced below $100,000 on Friday morning, giving sellers a clean runway toward the $92,000 demand zone.
Break Below $100,000 Triggers Renewed Selling
BTC Price Action (Source: TradingView)
Bitcoin slipped after failing to reclaim the mid-range support near $102,500-$104,000.
Once that zone broke, sellers accelerated momentum, pushing price into the $99,000 area.
Unlike past rebounds from this demand block, buyers showed little urgency this time.
Ethereum (CRYPTO: ETH) trades lower near $3,237, while XRP (CRYPTO: XRP) holds around $2.18.
This signals broader weakness across major altcoins as sentiment turns defensive.
Bitcoin now trades below all major EMAs — the 20-day near $107,700, the 50-day around $110,800, the 100-day at $111,500, and the 200-day near $108,100.
These moving averages form a heavy resistance cluster, creating a difficult barrier for recovery attempts.
Bollinger Bands are also widening as price breaks lower, signaling a period of volatility expansion after weeks of compression.
Flows Confirm Shift In Market Control
BTC Netflows (Source: Coinglass)
CoinGlass data shows another -$130 million net outflow from spot exchanges today as of Nov. 7.
More coins are being sent to exchanges rather than withdrawn, indicating holders are reducing exposure.
Selling pressure appears deliberate, with liquidity thinning below visible support levels.
The immediate support zone remains at $98,500-$100,000, a region that triggered sharp rebounds in June and July.
BTC Short-Term Price Dynamics (Source: TradingView)
However, today’s reaction is subdued.
BTC price continues to hover near the level with weak impulse and frequent rejections below VWAP on shorter timeframes.
The Parabolic SAR also tracks above candles, reinforcing that sellers retain control during intraday moves.
Key Levels To Watch
If $98,500 breaks, Bitcoin could quickly slide toward $92,000-$92,500, which aligns with the June breakout retest.
This zone marks the top of a previous multi-week consolidation range.
With no structural support between current price and that area, downside continuation could unfold rapidly.
For buyers to regain control, Bitcoin must reclaim $104,000 and then clear the EMA wall between $108,000-$112,000.
Until that occurs, every rally remains a relief bounce inside a developing downtrend.
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$BTCBitcoin – United States dollar$100141.00-1.13%Overview$ETHEthereum – United States dollar$3233.74-2.41%$XRPRipple – United States dollar$2.18-1.26%Market News and Data brought to you by Benzinga APIs
