Bitcoin prices have sharply reversed course after reaching an all-time high of over $126,000 just two weeks ago, and the decline has not stopped. Prices are now in the $104,000 range, extending a multi-day decline and pushing market sentiment to its most cautious level in months.
Currently, the price of Bitcoin is $105,485, but in early morning trading on some exchanges, the price fell to $103,516.
According to the Bitcoin Fear and Greed Index, sentiment is currently at 22/100, indicating a move into the “extreme fear” category. The index ranges from 0 (extreme fear) to 100 (extreme greed) and is widely seen as a gauge of investor sentiment and potential market tipping points.
Last Friday, October 10, Bitcoin and the broader cryptocurrency market witnessed a significant and sharp decline as President Trump announced sweeping 100% tariffs and export controls in response to China’s new regulations on almost all products starting November 1, 2025.
The news triggered a sharp sell-off in cryptocurrencies, with Bitcoin dropping 12% at one point and other major cryptocurrencies dropping as much as 40%.
Bitcoin is currently near the lows of its decline, and much of the broader crypto market is following suit.
Will Bitcoin fall?
Bitcoin prices fell below $105,000 for the first time since June, with traders wary of a possible fall to the $90,000 or even $80,000 range, raising fears of a deeper correction.
Technical indicators showed weakening momentum. Bitcoin’s Relative Strength Index fell to 37, while the Average Directionality Index barely confirmed the downtrend at 25.23.
Selling pressure intensified in the short time frame, with RSI above 32.7 and ADX above 34, indicating strong bearish momentum. The chart also revealed a “death cross” pattern, a technical signal often associated with prolonged economic downturns.
Regarding the Bitcoin Fear and Greed Index, periods of “extreme fear” often coincide with oversold conditions as traders retreat from risk and liquidity tightens. Historically, such phases have sometimes preceded local bottoms, but the timing remains uncertain amid broader market volatility.
The reason behind the selloff is that macro uncertainties are putting pressure on risk assets worldwide. Bitcoin’s decline reflects weakness in stocks and commodities as investors brace for new geopolitical tensions and cautious monetary policy comments later this week.
Just two weeks ago, when Bitcoin traded above $124,000, the index read 70, indicating “greed” and highlighting how quickly sentiment had reversed.
Meanwhile, gold has soared to an all-time high of over $4,350 an ounce, extending its outperformance against Bitcoin so far this year.
Source: https://bitcoinmagazine.com/markets/bitcoin-price-slides-to-104000
