$BTC

Crypto markets are under heavy pressure. Bitcoin dropped 10%+, over $2B in liquidations hit in 24 hours, and major support levels were broken.

Ethereum and altcoins followed with double-digit losses as volatility surged and sentiment turned sharply risk-off.

*This is not financial or trading advice.

Bitcoin is now down ~41% from the $126,200 high on October 6, and price action continues to align with a bear-market structure 🐻

▪️ We’ve just printed 4 consecutive red monthly candles - the longest bearish streak since 2018.

▪️ Historically, this kind of monthly behavior does not happen during healthy bull-market pullbacks. It usually appears during distribution or early bear phases.

▪️ Rallies within this structure continue to look corrective rather than impulsive, suggesting dead-cat bounces, not trend reversals.

Also:

▪️ BlackRock has sold over $10B worth of crypto since the start of 2026, adding persistent sell pressure.

▪️ Bhutan has begun selling its BTC holdings, contributing further to supply hitting the market.

▪️ There is growing negativity toward Binance and CZ, especially after the 10/10 crash and reports around Wintermute selling, which has damaged sentiment and trust across the market.

▪️ Ironically, today is Michael Saylor’s birthday, but it’s unlikely to be a celebratory one - MicroStrategy is currently sitting on roughly a $2.3B unrealized loss.

This is no longer just a technical story - flows, sentiment, and structure are all aligning bearishly. Longs are still being encouraged by narratives and short-term bounces, but structurally, longs are paying shorts in this phase. The market is doing what it always does: punishing hope and rewarding discipline.

Until Bitcoin reclaims key macro levels with strong acceptance, rallies should be treated as short opportunities, not confirmations.