Bitcoin’s modest rebound stalled Thursday as BTC slipped below $110,000, dropping about 2.2% over 24 hours to roughly $109,500. The move erased much of this week’s gains after a brief push above $112,600 on Wednesday.
Other major tokens lost ground: Ether (ETH), Solana (SOL) and Cardano (ADA) each fell more than 3% in the same period. Corporate crypto treasuries were hit as well — MicroStrategy (MSTR) slid 3.2% and is about 30% lower since July; Japan-based MetaPlanet dropped 7% and trades roughly 60% below its June peak; KindlyMD fell 9% and is down about 75% since mid‑August. Ether-focused issuers BitMine (BMNR) and SharpLink Gaming (SBET) lost 8–9%.
Analysts are divided on how far BTC could fall. A Bitfinex report notes bitcoin has been retracing for a third straight week since its August all‑time high near $123,640. The exchange’s data point called the short‑term holder realized price — an estimate of recent buyers’ breakeven — sits near $108,900, less than 1% below current levels. If that support gives way, Bitfinex warns a deeper retracement toward a dense supply cluster around $93,000–$95,000 is possible.
Macro flows may be adding pressure: gold recently climbed past $3,500 to new highs, which can draw capital away from risk assets. Still, some strategists note September often acts as a consolidation month ahead of stronger fourth‑quarter performance. Joel Kruger of LMAX Group said ETF inflows, corporate treasury allocations and favorable regulatory moves could limit the depth of any correction.
What to watch next
Short‑term holder realized price near $108,900 — a close below this level would raise the odds of a move toward the $93k–$95k cluster.
ETF flows and corporate treasury disclosures — continued inflows would support prices; sustained selling would accelerate a pullback.
Macro assets such as gold — further gains could siphon speculative capital from crypto, increasing downside risk for BTC.
Risk note: Markets remain volatile and past patterns do not guarantee future performance. This article is informational and not investment advice.
Source: CoinDesk. Read the original coverage for full details.