Bitcoin Falls Below $100K for First Time Since June
Bitcoin fell below $100,000 for the first time since June 23, trading at $100,893 on Tuesday, with an intraday low of $99,966. Ether, the second-largest cryptocurrency by market capitalization, dropped nearly 9% to $3,275.
Investors reduced exposure to riskier assets amid concerns about the sustainability of stock valuations driven by artificial intelligence-linked equities. The Nasdaq Composite, home to major AI companies, fell over 1%, with Palantir shares among the most affected.
Analyst Haonan Li stated that the crypto market is "exhausted," and negative news is heavily impacting Bitcoin prices. Compass Point analyst Ed Engel noted that individual investors are not buying the dip as they did in previous cycles, while ongoing selling by long-term holders could push BTC further below the $100,000 support level.
Engel also highlighted that Bitcoin’s recent downward trend contrasts with historical October seasonality, similar to 2018, when the cryptocurrency dropped 37% in November.
