Bitcoin’s Volatility Sparks Market Fears as Traders Bet on Sub-$100K Price This Month
Bitcoin's recent price drop below $104,000 has reignited market fears, leading to over $1 billion in leveraged long liquidations. The Crypto Fear and Greed Index briefly hit extreme fear territory at 21 before a slight recovery to 26. Traders on Polymarket are now pricing a 62% chance that Bitcoin will fall below $100,000 this month, citing macroeconomic uncertainty and U.S. government liquidity disruptions as key factors. This volatility highlights the ongoing challenges in the cryptocurrency market as investors navigate fluctuating sentiment and external pressures.
Polymarket Traders Bet 62% Chance Bitcoin Price Falls Below $100K This Month
Bitcoin's price volatility has reignited market fears as it drops below $104,000, triggering over $1 billion in Leveraged long liquidations. The Crypto Fear and Greed Index briefly plunged to 21—extreme fear territory—before a slight recovery to 26. Traders on Polymarket now price a 62% probability of BTC sliding below $100,000 this month, with macroeconomic uncertainty and U.S. government liquidity disruptions amplifying bearish sentiment.
Analysts warn of a potential correction to $92,000, citing absent strong support levels. 'Bitcoin is in absolute freefall,' observes investor Ted Pillows. The altcoin market mirrors the downturn, with sweeping losses across major tokens as FUD dominates short-term outlooks.
IREN Secures $9.7B Microsoft Deal, Shifts Focus from Bitcoin Mining to AI Infrastructure
IREN Limited, formerly known for its Bitcoin mining operations, has inked a landmark $9.7 billion agreement with Microsoft to supply Nvidia's GB300 GPUs for AI cloud infrastructure. The five-year contract solidifies IREN's pivot toward high-performance computing, backed by a parallel $5.8 billion equipment procurement deal with Dell Technologies.
Roth MKM's Darren Aftahi calls the Microsoft partnership a 'brand validator' for IREN's strategic shift. The analyst, ranked among Wall Street's top 10%, notes the company's Texas-based 750-megawatt campus will deploy GPUs in phased rollouts through 2026.
Bitcoin Plummets to $104K, Triggering $1.36B in Liquidations
Bitcoin's sharp decline below $105,000 has sent shockwaves through the crypto market, erasing $1.36 billion in leveraged positions within 24 hours. The breakdown marks October's first bearish close in six years, snapping Bitcoin's historic 'Uptober' streak.
Trading volumes surged to $79.2 billion as investors scrambled to adjust positions, while total crypto market capitalization slid 3.26% to $3.47 trillion. Technical indicators show BTC struggling to reclaim the $108,500 resistance level, with Bollinger Bands signaling heightened volatility and Stochastic RSI readings dipping into oversold territory at 17.86.
Is the Crypto Bull Run Over? Market Struggles Amid Weak Sentiment
The cryptocurrency market faces mounting pressure as Bitcoin and altcoins extend losses. Investor sentiment has deteriorated to levels last seen during the FTX collapse, though this downturn stems from multiple factors rather than a single catastrophic event.
Asian whales continue offloading Bitcoin positions, creating persistent downward pressure. ETF inflows have slowed markedly, reflecting institutional caution. The once-vibrant altcoin sector now grapples with waning interest, excessive token launches, and inflated valuations.
October's market crash exacerbated conditions, triggering massive liquidations and exposing thin liquidity across smaller coins. Traditional equities' outperformance further drains retail interest from digital assets, compounding the sector's challenges.
Bitcoin Faces Market Turbulence as Analysts Warn of Deeper Corrections
Bitcoin's price decline to $103,605—breaching the critical $107,000 support level—has intensified concerns among cryptocurrency investors. Altcoins are faring worse, plunging to deeper lows. Analyst Roman Trading warns the bullish momentum of the past 18 months hangs in the balance, with a weekly close below $98,000 potentially triggering a full bear cycle.
Long-term charts show deteriorating technicals, including a monthly MACD crossover. "This is a decisive level for bulls," Roman noted. "Lose $98K, and we surrender a year and a half of gains." Market weakness coincides with insufficient buy-side liquidity to absorb sell pressure, exacerbating downward volatility.
Bitcoin Miners Struggle as Price Correction Squeezes Profit Margins
Bitcoin miners face mounting financial pressure as the cryptocurrency's recent price drop erodes already thin profit margins. The $103,967 BTC price level fails to offset operational costs amid record hash rates and persistently low transaction fees.
Mining operations are responding with efficiency upgrades and energy optimization measures. The industry-wide squeeze comes as hashprice - a key profitability metric - continues declining, forcing operators to reconsider business strategies.
