Bitcoin is struggling as its price declined significantly, recently touching just below $101,000. This downward trend raises fears of its first drop below $100,000 since June. Large holders and treasury companies are reportedly selling off their Bitcoin, leading some analysts to declare that a bear market may have begun.

Today, Sequans Communications revealed that they redeemed 50% of convertible debt by selling off 970 Bitcoins, cutting their debt from $189 million to $94.5 million, with their Bitcoin inventory decreasing from 3,234 to 2,264.

In another concerning note, whale investors sold $272 million in Bitcoin, as noted by prominent analyst Ali Martinez. These developments add to the already negative sentiments that have prevailed in the cryptocurrency market over the past week. Bitcoin had previously attempted to challenge the $116,000 resistance last Tuesday but was met with rejection, causing a steep decline.

The beginning of this week has been particularly unfortunate for Bitcoin, which hit $111,000 on Sunday and has lowered by around $10,000 since then. Overall, Bitcoin has witnessed a drop of roughly 20% from its peak just a month ago, with Kobeissi Letter suggesting this marks the start of a bear market.

Recent Developments

• The altcoins are also faring poorly, with TAO suffering an 18% loss. Larger cryptocurrencies like Ethereum have seen drops of 7%, while XRP and BNB decreased by 6% and 8% respectively.

Additional Information

BREAKING: Bitcoin officially enters bear market territory with a 20% decline since the record high observed on October 6th.

“We are living in the most exciting market in history.” — The Kobeissi Letter

For further details, check recent articles on Bitcoin’s price trajectory and market analysis.