Bitcoin trembles at the $100,000 mark. What’s keeping pressure on the price?

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surge in October, Uptober failed to materialise. Instead, traders saw the total crypto market shed some $800 billion of its value, roughly 19%.“Bears have clearly been in control,” Jasper De Maere, OTC Trader at trading firm Wintermute, told DL News.“The market now seems to be tipping again, chopping around the critical $100,000 level, a zone that continues to be defended firmly,” De Maere continued. “This level is not just technically important but also a major psychological threshold.”The plunge in market confidence comes on the back of what should’ve been a victory lap for the crypto industry after a record 2025.Since US President Donald Trump took office in January, he’s been busy ticking off items on the industry’s wishlist.He freed Silk Road creator Ross Ulbricht, pardoned Binance co-founder Chanpeng Zhao, signed pro-crypto executive orders, and signed a landmark stablecoin bill into law.Yet, the price plunged. Even the Federal Reserve deciding to cut interest rates in October, which is usually bullish for Bitcoin’s price, failed to drive the price up.And analysts are losing hope. Galaxy Digital’s analysts now say the price may only manage to drag itself to $120,000 before 2026. They previously said Bitcoin would hit $185,000 ahead of January.There are several reasons why confidence has been zapped from the market.The crypto industry is still reeling from the October 10 crash that saw some $20 billion in liquidations, as well as the $128 million Balancer hack on November 3.Another part of the problem, according to James Butterfill, head of research at digital asset investment firm CoinShares, is that traders have failed to update their playbook.“Some long-term investors appear to be acting on the four-year cycle narrative, a self-fulfilling pattern we do not subscribe to but cannot ignore” Butterfill told DL News. “Adherents to this framework are locking in profits, convinced that the cycle top is approaching.”To him, this mindset explains why many big investors have sold their positions and driven the price down 19% since its $126,000 high at the beginning of October.And it’s not just crypto traders that are feeling a bit down in the dumps.American consumers’ sentiment about their future prospects have plunged to nearly record lows. Rising inflation and unemployment coupled with Trump’s trade wars and the longest running government shutdown ever darken their mood.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,832.43 +103.63 (+1.54%)Dow 3047,368.63 +381.53 (+0.81%)Nasdaq23,527.17 +522.64 (+2.27%)Russell 20002,455.65 +22.82 (+0.94%)VIX17.60 -1.48 (-7.76%)Gold4,123.40 +113.60 (+2.83%)PortfolioSign in to access your portfolioSign inTop gainersCOGT Cogent Biosciences, Inc. 32.46 +17.64 (+119.03%)NVTS Navitas Semiconductor Corporation 9.60 +1.76 (+22.45%)OPEN Opendoor Technologies Inc. 7.97 +1.41 (+21.49%)MLYS Mineralys Therapeutics, Inc. 44.50 +6.48 (+17.04%)TSEM Tower Semiconductor Ltd. 98.10 +14.03 (+16.69%)Top losersSGRY Surgery Partners, Inc. 16.04 -5.47 (-25.42%)BTDR Bitdeer Technologies Group 17.65 -4.34 (-19.74%)OSCR Oscar Health, Inc. 14.61 -3.11 (-17.55%)MTSR Metsera, Inc. 70.87 -12.31 (-14.80%)MNDY monday.com Ltd. 166.21 -23.38 (-12.33%)Most activeOPEN Opendoor Technologies Inc. 7.97 +1.41 (+21.49%)PLUG Plug Power Inc. 2.5600 -0.0900 (-3.40%)NVDA NVIDIA Corporation 199.05 +10.90 (+5.79%)PFE Pfizer Inc. 24.39 -0.04 (-0.16%)ONDS Ondas Holdings Inc. 5.88 +0.07 (+1.20%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersCRWV CoreWeave, Inc. 105.61 +1.60 (+1.54%)RKLB Rocket Lab Corporation 51.90 +0.26 (+0.50%)BBAI BigBear.ai Holdings, Inc. 5.71 +0.03 (+0.53%)ASTS AST SpaceMobile, Inc. 68.70 -0.49 (-0.71%)RGTI Rigetti Computing, Inc. 33.08 -0.69 (-2.04%)Top economic events