Bitcoin dipped below the $104,000 mark on Friday, marking a 3.89% decline in 24 hours, amid rising bearish sentiment among retail investors and broader macroeconomic uncertainty. The world’s largest cryptocurrency briefly touched a low of $102,255 before rebounding to just under $104,000.
According to analytics firm Santiment, retail investor sentiment has reached its most negative point since early April—when global markets reacted to then-President Donald Trump’s so-called “Liberation Day” tariffs. The current bullish-to-bearish commentary ratio on social media stands at a low 1.03:1.
Despite this, large-scale investors—known as “whales”—appear unfazed. On-chain data shows continued accumulation by wallets holding over 10 BTC, a pattern that typically precedes upward price movement. “Long-term holders are quietly increasing exposure, a historically bullish signal,” said Ki Young Ju, CEO of CryptoQuant.
Meanwhile, derivatives markets are showing signs of deleveraging. Open interest on Binance has declined, suggesting traders are reducing risk. This comes as the U.S. Federal Reserve maintains interest rates, dampening enthusiasm for high-risk assets like crypto.
Still, inflows into spot Bitcoin ETFs have continued, with BlackRock’s iShares Bitcoin Trust posting significant weekly gains—an indicator of sustained institutional interest.
Analysts suggest that while technical indicators show a short-term bottom may have formed, BTC must reclaim the $106,000 level to signal a true reversal. Until then, the asset remains range-bound between $100,000 and $110,000.
“Retail panic is often a signal that the smart money is moving in,” said Brian Quinlivan of Santiment. “What we’re seeing now could mark the early stages of a recovery.”
