Bitcoin dropped below $100,000 today for the first time since June, marking a significant technical breakdown for the leading cryptocurrency.

The breach of this psychological level comes amid sustained selling pressure and increased outflows from Bitcoin investment products. Recent analyses highlight bearish patterns in Bitcoin’s price charts, suggesting potential for additional declines unless the asset can reclaim key support levels.

Market participants have noted surging outflows contributing to the downward momentum. Posts on X indicate increased betting odds for Bitcoin facing further downside pressure due to ongoing selling activity.

Technical analysts warn of Bitcoin’s risk of a deeper correction if it fails to establish support above critical price levels. The cryptocurrency faces headwinds from continued institutional and retail selling that has pressured prices throughout recent trading sessions.