Over the past few weeks, long-term holders have begun trimming positions, signaling a growing sense of caution even among Bitcoin’s most committed backers. Fund manager and market analyst James Lavish noted that more than 400,000 BTC have been sold by long-term investors in just one month — a volume that highlights the shifting tone in the broader crypto landscape. “Sentiment toward Bitcoin appears to be at an all-time low,” Lavish summarized, reflecting a market that has moved from euphoria to apprehension in a matter of weeks.

McGlone Warns Technical Breakdown Could Accelerate Decline

Bloomberg’s senior market strategist Mike McGlone shared an even more pessimistic view, warning that Bitcoin’s recent attempt to hold above six figures might soon fail. He pointed to key technical levels that have flipped from support to resistance, marking a potentially decisive moment for the cryptocurrency.

In his assessment, Bitcoin’s fall below its 200-day moving average earlier this month represents a critical shift in momentum. “Bitcoin won’t stay above $100,000 for long,” McGlone said, identifying $110,000 as a major resistance level. He added that the leading cryptocurrency could open below $100,000 by November 10 if current selling persists.

Broader Market Weakness Adds Pressure

McGlone also highlighted a broader divergence between digital assets and traditional markets. The Bloomberg Galaxy Crypto Index, which tracks the performance of top cryptocurrencies, has slipped about 1% so far in 2025, while the S&P 500 has gained nearly 16%. That stark contrast shows investors favoring safer, more liquid assets like equities and gold amid economic uncertainty.

Adding to the negative tone, shares of Strategy — one of the most notable public crypto-related companies — have tumbled sharply, intensifying worries that institutional interest in the sector may be cooling. Analysts suggest that the correction in both tokens and crypto equities could signal a more prolonged consolidation period before fresh momentum returns.

Investors Await Market Stabilization

Despite the mounting caution, some analysts believe that this phase of weakness could ultimately prove healthy. A prolonged cooling-off period, they argue, may flush out speculative excesses and allow Bitcoin to establish a more sustainable foundation for its next leg higher.

For now, all eyes remain on whether Bitcoin can maintain its hold above $100,000 — a psychologically important level that could determine the tone of the market heading into the final months of the year.



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Filed under: Bitcoin - @ November 9, 2025 3:24 pm