Bitcoin Drops Below $110,000 — $108,900 Short-Term Support Signals Late-Stage Correction Toward $93K–$95K Cyclical Bottom

Bitfinex Alpha reported that Bitcoin briefly dipped below $110,000, extending its retracement from the all-time high of $123,640 to over 13%. Historical retracement patterns and seasonal indicators point to a late-stage correction, with a potential cyclical bottom identified in the $93,000–$95,000 range. On-chain metrics place the current short-term holder realized price at $108,900, a key support level whose breach could amplify downward pressure. Exchange order-flow indicators show spot sentiment moving toward neutral, as market participants await clearer catalysts. Altcoins have underperformed—notably a ~14% pullback in Ethereum (ETH)—while institutional demand, including ETH treasuries and corporate accumulation, remains a stabilizing factor amid selective token rotations.