Bitcoin (CRYPTO:BTC) has been on a painful retreat over the past week, sinking below that $100,000 level that many traders have been keeping close watch of. As the Bitcoin trade unwinds after a rather uneventful year alongside the tech trade, it seems like crypto investors might have enough reasons to throw in the towel before things get nastier going into the holiday season.

Of course, the thing with Bitcoin and crypto is that there are no fundamentals to go by, and without key valuation metrics, it can be difficult to draw a line in the sand, especially when negative momentum really begins to pick up steam.

Personally, I think paying closer attention to the technical picture is a wise idea, as is seeing what the smart money (think big-name investors) is doing amid the pick-up in crypto market volatility. Of course, just because a billionaire investor is buying the dip does not mean Bitcoin is a steal on weakness, and a continuation of the selling can’t occur over the near-to medium-term.

The Bitcoin technicals don’t look all too good after sinking below the $100,000 mark

Even the smart money can be wrong from time to time. And when it comes to crypto, I think the big question that investors should be asking is how much pain they can handle on the way down because, like it or not, there’s a crypto sell-off that really tests the stomach and the patience of retail investors. If you’re in the asset for a trade, it might be a wise idea to lighten up at some point, especially now that a key support level has been broken, with Bitcoin hovering at just north of $91,000 at the time of this writing.

As Bitcoin becomes a falling knife of sorts, now down around 25% from its peak, putting the asset slightly in the red on a year-to-date basis, it might be time to start thinking about placing limit orders come the next key level of support. Whether Bitcoin is a decent value here remains a big question.

Personally, I think the fall below $100,000 is a tad concerning, and I think the $70,000-75,000 level could be put to the test over the intermediate term, especially if we’re at the beginning of a broad tech-focused market sell-off. Given how Bitcoin tends to sink hand-in-hand with the tech trade, I would certainly not try to be a hero, even if some big money managers look to take advantage of the dip by adding to their positions.

What are smart investors up to these days?

It’s 13F season, and with that, investors have gotten to peek at the hands of the smart money, or at least their hands as of the end of the third quarter of 2025. Since the volatility has intensified, the latest reports seem less helpful when it comes to keeping tabs on the smart money. Strategy (NASDAQ:MSTR) reportedly bought the dip, adding over 8,000 tokens on weakness.

Of course, this move is less surprising since Strategy is playing the long game with Bitcoin, taking advantage of the inevitable bumps in the road. If you’re a long-term thinker, doing the same might make sense at some point. Beyond Strategy and a few other crypto-focused firms, I’m not so sure what the billionaire community is up to right now. It might be too late to load up, but, in due time, I do think investors should keep an ear on institutional activity.

Personally, I’m staying cautious until the technical picture looks better and more big-name investors step up, announcing they’ve bought the dip. It’s a volatile asset and one that might not be so quick to bottom.