Bitcoin Drops to 103,000 After 126,000 Peak Retreat

Bitcoin's price has faltered in recent weeks, trading around 103,000 as of late Friday after a sharp retreat from its all-time high of 126,000 reached in early October. The cryptocurrency has struggled to break above key resistance levels near 105,000 since the month's major selloff, amid weakening institutional demand and broader market volatility that has pulled altcoins like Ether and Solana lower as well.

The downturn accelerated following an October 10 liquidation event that drained upward momentum, pushing Bitcoin into a descending channel. On-chain metrics highlight the bearish pressure: the Coinbase Premium Index has stayed negative for two weeks, dipping to 0.077, signaling reduced enthusiasm from U.S. investors and institutions. Similarly, the Coinbase Premium Gap fell to 77, reflecting increased selling from the U.S. market. U.S. spot Bitcoin exchange-traded funds have seen net outflows totaling 866.7 million, reaching February lows and dominating recent flows. These trends indicate funds are offloading positions, a pattern that historically delayed recovery by up to two months.

Long-term holders, defined as those retaining Bitcoin for over 155 days, present a mixed...