Bitcoin has entered a critical phase, with the price falling from the $110,000 region to below $100,000 in under 48 hours. The sharp decline reflects mounting fear across the market as aggressive selling pressure forces short-term holders to capitulate.

What began as a controlled retracement has quickly evolved into panic-driven behavior, with traders rushing to exit risk exposure. As volatility spikes and sentiment deteriorates, market participants are closely monitoring key support levels to assess whether Bitcoin can stabilize or whether a deeper downside is still ahead.

According to top on-chain analyst Axel Adler, loss-making transactions among short-term holders are surging during this downturn. The 7-day Short-Term Holder Spent Output Profit Ratio (STH-SOPR) currently sits at 0.99

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