On September 4th, Bitfinex Alpha released a report stating that Bitcoin briefly dipped below $110,000, extending its retracement from its all-time high of $123,640 to over 13%. Historical retracement patterns and seasonal trends suggest the market is in the late stages of a correction, with the $93,000–95,000 range poised to become a cyclical bottom. On-chain data supports this: the current short-term holder realized price of $108,900 is becoming a key support level; a sustained decline below this level could further intensify downward pressure. Trading platform order flow indicators also indicate neutral spot market sentiment, reinforcing the view that buyers are holding off on the sidelines while awaiting stronger catalysts.
Altcoin performed even more weakly, reflecting a broad risk-off sentiment. Ethereum (ETH) retreated 14% after briefly hitting an all-time high, while XRP, ADA, and DOGE all experienced double-digit declines. However, institutional demand remained resilient beneath the surface, with ETH holdings continuing to increase by treasuries and corporate buyers. Mid-cap tokens such as CRO and PUMP outperformed amidst narrative-driven market activity, but this rotation was more at the expense of weaker assets rather than new inflows.
