Macro and Technical Pressure Push Bitcoin Below Support — Analysts Split on Next Move

Bitcoin has fallen below key technical levels amid renewed macroeconomic pressure and shifting investor sentiment. Experts remain divided on whether this is a short-term shakeout or the beginning of a deeper correction.

Bitcoin slide below $98,000 marks a pivotal moment in the market’s October narrative. Analysts point to a mix of macroeconomic tension — including rising U.S. yields and energy-driven inflation spikes — alongside structural market factors such as declining ETF inflows and reduced miner accumulation.

On-chain data from Glassnode reveals a sharp increase in short-term holder distribution, indicating that newer investors are taking profits amid the uncertainty. In contrast, long-term holders (LTHs) remain relatively inactive, a signal that typically precedes volatility consolidation rather than full-scale capitulation.

Technical analysts on X highlight that Bitcoin’s 100-day moving average — now around $97,600 — is acting as a crucial inflection point. A decisive break below this level could open the path toward $92,000, while reclaiming $100,000 may trigger renewed buying from institutional players.

Meanwhile, ETF data shows that inflows into U.S. Bitcoin funds slowed to $480 million this week, their lowest level since July.

“Institutional momentum has paused, but not reversed,” tweeted @CryptoMacroWatch, adding, “macro fear is still temporary — liquidity will return.”

As investors weigh the risks, the consensus remains that Bitcoin’s broader uptrend is intact — but fragile in the face of global tightening and fiscal stress.

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