Bitcoin extended its retreat on Thursday, sliding deeper into drawdown territory after losing the psychologically important $100,000 handle and dropping to $96,600 during early Asian hours. The decline marks the asset’s weakest level since May and follows a renewed wave of risk-off positioning across global markets, sparked by a sharp sell-off in U.S. tech stocks and waning confidence among institutional investors.

The broader crypto complex moved lower in tandem. Ether slipped 0.8% on the day to $3,182, down 12% over the week. XRP traded at $2.25 after an 8.8% weekly decline, while BNB fell to $932, shedding 7.8% in the same period.

Market structure has continued to weaken. ETF inflows have turned negative for a second week, long-term holders are distributing coins at an accelerating rate, and retail activity remains muted. According to research firm 10x, these dynamics confirm that the market has entered a bear phase, with structural support from institutions, corporates and ETF issuance fading simultaneously.

On the technical front, bitcoin’s decisive drop below the monthly mid-range at $100,266 removed a key liquidity shelf, opening a clear path into thinner price regions. Immediate support now sits between $93,000 and $95,000. Losing this zone could expose a deeper slide toward the $89,600 liquidity gap, derivatives firm Bitunix told CoinDesk. On the upside, sellers are expected to defend $100,200, followed by heavy resistance at $107,300 — a level rejected multiple times in recent weeks. Liquidity continues to deteriorate with no visible signs of stabilization.

A temporary base could form near $93,000, Bitunix said, though any breakdown from that region risks accelerating into lower structural pockets. Nick Ruck of LVRG Research added that any attempt by bitcoin to find footing around $92,000 will depend in part on whether next week’s FOMC minutes deliver a more dovish signal. Persistent ETF outflows, a developing death-cross pattern and uncertainty around upcoming economic data — worsened by the recent government shutdown — have kept momentum pointed firmly lower.

Bitcoin has now given back the entire 30% rally it logged earlier in the year. Its month-long unwind stems from the October 6 peak at $126,251, set during a period of heightened optimism over the Trump administration’s pro-crypto stance. That sentiment quickly faded after the president’s surprise tariff remarks rattled global markets and triggered broad deleveraging across risk assets.

Bitcoin briefly dipped under $93,700 on Sunday before rebounding to around $94,800 early Monday.