**Bitcoin Plunges to Around $105,000 Amid Sharp Crypto Market Selloff**
Bitcoin has plunged to around $105,000 following a sharp selloff that swept through the crypto market, wiping out much of last week’s modest recovery. The leading cryptocurrency is down more than 5% in the past 24 hours and nearly 14% over the past week, according to market data.
Its current market capitalization has fallen to roughly $2.09 trillion, with 24-hour trading volumes exceeding $102 billion.
The sudden downturn comes after Bitcoin briefly reclaimed levels above $110,000 earlier this week, raising hopes of renewed bullish momentum. However, intensified selling pressure pushed prices sharply lower overnight, confirming bearish sentiment among both retail and institutional investors.
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### Technical Indicators Turn Bearish
Bitcoin’s daily chart shows a deepening downward trajectory, with RSI readings slipping to around 31.7 — approaching oversold territory. The MACD indicator has also flipped negative, suggesting momentum has turned in favor of the bears.
Traders now see immediate support near the $104,000 zone, with further downside risk if this level fails to hold.
The pullback follows several volatile sessions in October, during which Bitcoin failed to maintain key support levels despite brief rebounds. Analysts note that broader market sentiment has weakened amid concerns over liquidity and global macroeconomic uncertainty.
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### Macro Headwinds Add to the Pressure
Investor anxiety has been compounded by renewed fears of a potential U.S. government shutdown and uncertainty surrounding monetary policy. The Federal Reserve’s latest signals regarding interest rate adjustments, along with geopolitical tensions and renewed trade friction with China, have driven a “risk-off” attitude in global markets.
Traditional equities have also shown signs of fatigue, with tech stocks retreating from record highs.
Adding to the unease, traders are bracing for a highly anticipated speech from President Donald Trump later today, which could influence market direction if new economic measures or tariff comments are introduced. The last time he addressed trade concerns, markets reacted sharply, triggering heavy liquidations across crypto futures.
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### What’s Next for Bitcoin?
If Bitcoin closes the week below $105,000, it would mark its lowest finish since July, signaling the possibility of a deeper correction. Conversely, a strong rebound above $108,000 could restore short-term confidence and bring buyers back into the market.
Many traders are closely watching how the asset behaves near the $100,000 psychological threshold, a level that could serve both as support and a test of investor conviction.
Despite the current downturn, long-term holders continue to view Bitcoin’s macro trajectory as intact, with accumulation trends remaining stable according to on-chain data. However, the near-term picture remains volatile, and traders expect further turbulence before stability returns.
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*The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.*
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**Author**
Alex is a reporter at Coindoo and an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. Alex’s approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
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