Key points:

• Bitcoin erases all YTD gains
• Slips under $93,200 before bouncing
• Deep pullback a month after record high

Orange coin is looking rather blue these days.

💥 From Euphoria to Exhaustion

• Bitcoin BTCUSD is looking bruised — and not just because of the chart. Just five weeks after printing a record above $126,000, the world’s largest cryptocurrency briefly plunged below $93,200.
• And as it did, it wiped out all its year-to-date gains. For one of the market’s most momentum-charged trades, the reversal has been jarring.
• Bitcoin’s October run was one for the books, though, with the token climbing more than 30% since January, before peaking at its all-time high on October 6.

⚖️ Small Bounce for Coin, Big Uncertainty for Traders

• But after slipping below $100,000, the selloff accelerated quickly, sending traders scrambling to determine whether this is merely a sharp shakeout or a sign of something more structural.
• Monday’s drop under $93,200 marked the lowest print since May, a level that officially erased all the green this year.
• Bitcoin found some footing in Asian trading hours as US stock futures ticked higher and tech stocks showed early strength ahead of Nvidia’s earnings this week.

💎 The Bottom or Just the Beginning?

• The token clawed back toward $95,000 earlier today, giving bulls a sliver of relief but doing little to ease broader nerves.
• Whether Bitcoin stabilizes or breaks lower will likely depend on this week’s broader risk appetite — and whether Nvidia’s results reignite enthusiasm or deepen the ongoing risk-off mood.
• There’s also the jobs report for September, coming on Thursday, after it got delayed due to the longest US government shutdown. Pay close attention to risk this week – it could get volatile.

Source: Tradingview