Bitcoin has fallen below the crucial $100,000 mark, now trading near $97,000 for the first time since May. The drop underscores the growing weakness in bullish momentum, as traders struggle to defend key support levels amid mounting macroeconomic uncertainty and fading risk appetite. Market sentiment has turned sharply fearful, with investors showing increased caution following a wave of liquidations and declining volume across major exchanges.
According to data shared by CryptoQuant analyst Axel Adler, Bitcoin’s performance has notably lagged behind traditional assets. Year-to-date, BTC is up just 5.5%, a gain that now risks evaporating entirely if current conditions persist. In stark contrast, gold surged 5.6% in just the last week, continuing its strong rally as investors seek safer havens amid global volatility.
While Bitcoin’s long-term structure remains intact, its short-term weakness reflects a tightening liquidity environment and growing skepticism about risk assets.
Bitcoin Faces Harsh Comparison As Traditional Markets Outperform
Axel Adler highlights how Bitcoin’s muted performance stands in sharp contrast to the impressive gains seen across traditional markets this year. His analysis paints a sobering picture of where capital has been flowing in 2025.
Gold leads the pack with a staggering 55% year-to-date (YTD) increase, driven by global uncertainty and strong institutional demand. Copper follows with +27%, benefiting from industrial expansion and supply constraints. Meanwhile, risk assets like the Nasdaq (+21%) and S&P 500 (+16%) have also delivered consistent returns, reflecting continued investor confidence in equities despite macroeconomic headwinds.
Against this backdrop, Bitcoin’s modest 5.5% YTD gain appears increasingly underwhelming. Adler notes that professional fund managers are often measured against the S&P 500 benchmark, meaning any underperformance tends to attract swift scrutiny. “If a fund manager delivers less than the S&P 500, they usually don’t stay in the job for long,” Adler remarks — a pointed reminder of how traditional assets continue to set the standard for performance.
His final comment cuts to the heart of the matter: “You don’t need a Harvard degree to buy SPY.” The implication is clear — in a market where simplicity and stability outperform speculation, Bitcoin must prove its resilience or risk losing investor attention.
Bitcoin Slips Below $100K as Selling Pressure Builds
Bitcoin’s price has fallen sharply below the psychological $100,000 mark, currently hovering around $97,300 after losing more than 2% in the past 24 hours. The daily chart reveals a clear continuation of the recent downtrend, with BTC now trading well below its 50-day and 100-day moving averages, signaling sustained weakness in short-term momentum.
The next significant support zone sits near $94,000, where Bitcoin previously consolidated in early summer. A decisive breakdown below this level could open the door to deeper retracements toward the 200-day moving average near $88,000–$90,000. On the flip side, reclaiming $100,000 as support will be crucial for any potential recovery, as that level now acts as a strong resistance barrier.
Volume data shows an uptick in sell-side activity, confirming growing pressure from profit-taking and possible liquidations. Despite the pullback, analysts suggest that the recent correction may serve as a market reset, allowing leverage to unwind and preparing for a healthier recovery phase.
Bitcoin remains in a volatile consolidation period, with macro uncertainty and exchange inflows weighing on sentiment. Bulls must defend current levels to prevent momentum from shifting decisively toward a deeper mid-cycle correction.
Featured image from ChatGPT, chart from TradingView.com
