Bitcoin Price Drama: Why This Pattern Is Causing Panic (And Not the Fun Kind)

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Markets

What to know:

  • Bitcoin briefly fell to $98,951, taking a nosedive below both the 365-day simple moving average of $102,055 and the 365-day exponential moving average ($99,924), both of which are supposed to act as its trusty life vests.
  • Long-term holders decided to take some profits, reducing their stash from 14.7 million BTC in July to 14.4 million BTC-oh, just another casual “I’m cashing out” moment in 2023’s crypto rollercoaster.

So, here we are, folks-Bitcoin dipped below $100,000 for the first time since June. Cue the collective crypto gasp. The grand old crypto, which just couldn’t resist flirting with the $100k mark, has officially hit a road bump, dropping to $98,951. Gasp, gasp, gasp.

And guess what? This took Bitcoin below two important support levels-also known as the “you better hold on” markers: the 365-day simple moving average (SMA) and the 365-day exponential moving average (EMA). The SMA is chillin’ at $102,055, and the EMA, which gives more attention to recent prices like that one friend who always remembers what you did last weekend, is sitting at $99,924. And both of these have been tested, almost like Bitcoin is trying to see how many times it can make us sweat this year.

Flashback to August 2024, when Bitcoin flirted with the 365-day SMA, which is like the crypto version of the “I’ll just rest here for a bit” kind of support level, landing around $48,963. It even dipped below the EMA momentarily, because why not? Then, in April, Bitcoin had a full-on tantrum during the “tariff tantrum,” dropping as low as $76,500 before snapping back like nothing happened.

Where is the selling pressure coming from? Spoiler alert: It’s not from your grandma.

Turns out, the selling pressure is coming from long-term holders, the ones who’ve had their Bitcoin for 155 days or more, which is basically a lifetime in crypto years. These legends are now holding about 14.4 million BTC, down from 14.7 million BTC at the peak in July-because who doesn’t love a good profit-taking session when you’re living the crypto dream?

This marks the third wave of selling by these OGs since late 2023. Because, you know, every time they decide to cash out, we get to watch some price consolidation (fancy term for “oh no, the market’s taking a nap”) or a full-on correction-meaning those fun drops of 10% or more. The last time this happened? Oh, just after President Trump’s glorious election win in November 2024. Crypto’s so dramatic, I can’t even.

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2025-11-05 13:57