Bitcoin has slipped below $104,000 for the first time in weeks as growing selling pressure pushes the market toward key support levels. Analysts now warn that a deeper correction toward the $92,000 zone is increasingly likely, especially as newly-entered buyers begin showing signs of capitulation.

After dropping to around $103,700, Bitcoin continues to trade weakly, with many traders expecting a retest of the crucial $100,000 level. Market sentiment has turned cautious following an extended period of selling from whales, weaker performance in U.S. equities, and renewed strength in the U.S. dollar — all adding pressure to crypto markets.

One notable concern is an unfilled CME futures gap near $92,000, a level which could act as a magnet if Bitcoin fails to hold above the current support range. Historically, such gaps often become price targets during market downturns.

On the technical front, Bitcoin is nearing the same range where it rebounded after the October liquidation event. However, analysts note that losing this zone could accelerate downside momentum.

Meanwhile, blockchain data from Glassnode shows short-term holders slipping into net unrealized losses, signaling early-stage capitulation. While painful in the short-term, similar periods have historically presented strong long-term accumulation opportunities for patient investors.

With Bitcoin sitting near major support and market indicators flashing stress among new holders, investors are watching closely to see whether BTC can reclaim momentum — or dive toward the $92K region before the next leg higher.