Bitcoin (BTC) has fallen back below $100,000, and the drop looks less like a gentle correction and more like a trapdoor opening beneath leveraged longs. Heavy outflows from Bitcoin ETFs combined with renewed skepticism about Federal Reserve rate cuts have institutions rethinking their exposure.

What the Charts Are Saying

Bitcoin got rejected at key daily moving averages and the $106,800 resistance level, triggering a slide toward $95,700—the .703 Fibonacci retracement zone. If that doesn't hold, analysts are eyeing the $91,000 to $88,000 range, which sits near the 3-day 200 simple and exponential moving averages.

Over the past 24 hours, Bitcoin liquidated all long positions stacked between $101,000 and $96,000, hitting the anticipated $95,700 target with precision. The move reflects aggressive bearish momentum, anemic money flow, and a wave of leverage wipeouts that left traders scrambling.

Now Bitcoin sits in a volatile zone where its reaction around major support levels will determine whether the broader uptrend can survive. A bottoming pattern here could reignite bullish momentum. But if support fails, any bounce risks becoming just another lower high before deeper losses.

When Retail Panics, Opportunity Knocks

According to Santiment data, Bitcoin dipping below $100,000 for the second time this month has triggered classic retail fear. Sentiment indicators currently show three key zones: strong bullish bias (often precedes pullbacks), neutral mixed bias (driven by whales or macro events), and strong bearish bias (common near panic lows with improved risk/reward).

Bitcoin has now entered this fear-driven territory where retail panic historically peaks and local bottoms often emerge. Sentiment remains a powerful market driver, and Bitcoin frequently moves opposite the crowd's dominant narrative. In other words, when everyone's terrified, that's often when the smart money starts nibbling.