Bitcoin BTC$95,220.86 slipped further into a deeper drawdown on Thursday, breaking below the psychological $100,000 level and tumbling to $96,600 in early Asian trading.

The move marks the lowest print since May and follows another wave of risk-off selling across global markets, triggered by a sharp reversal in U.S. tech stocks and fading conviction among institutional allocators.

Major tokens extended losses alongside bitcoin. Ether ETH$3,186.69 slipped to $3,182, down 0.8% on the day and 12% over the week. XRP$2.2606 traded at $2.25 after an 8.8% weekly drop, while BNB BNB$933.56 fell to $932, losing 7.8% over the same period.

Solana SOL$140.69 was among the worst hit, sliding to $140 after a 16.5% weekly decline. DOGE$0.1614 dropped to $0.161, Cardano slid to $0.491, and TRX$0.2929 held relatively steady at $0.292 despite broader weakness.

The broader market structure has deteriorated quickly. ETF inflows have slowed for a second consecutive week, long-term holders continue to offload at an accelerating pace, and retail flows remain depressed.

Research firm 10x said the confluence of these factors confirms the market has now entered a bear phase, with the loss of structural support from funds, corporates and ETF issuance.

Technically, bitcoin’s break below the monthly mid-range at $100,266 cleared a key liquidity shelf, exposing a fast-track slide into thinner regions. Near-term support sits at $93,000 to $95,000.

A loss of this band could open the door to a deeper test near the $89,600 liquidity gap, a derivatives firm Bitunix told CoinDesk over email. On the upside, any rebound faces resistance at $100,200 and then $107,300, a level repeatedly rejected in recent weeks. Market liquidity continues to trend lower with no clear stabilization yet.

A base may form near $93,000, but any breakdown risks accelerating into lower structural pockets, the firm added.

Nick Ruck of LVRG Research added that bitcoin’s attempt to stabilize near $92,000 will depend heavily on whether next week’s FOMC minutes offer any dovish lean. ETF outflows and a developing death-cross signal have kept momentum pointed downward, and uncertainty around economic releases following the government shutdown may add further noise.

Jeff Mei, COO at BTSE, said the market appears to be bracing for the possibility that the Fed will pause cuts in December, especially as policymakers wait for refreshed data. Until then, subdued trading is likely to persist unless a major macro catalyst emerges.

Bitcoin has now erased the entire 30% gain it notched earlier this year. The slide extends a month-long unwind from the Oct. 6 peak at $126,251, a record reached during the height of optimism around the Trump administration’s pro-crypto stance.

That enthusiasm reversed quickly after the president’s unexpected tariff comments jolted global markets and triggered a broad deleveraging across risk assets.

Bitcoin briefly fell below $93,700 on Sunday before recovering to about $94,800 in early Monday trading.