Bitcoin price descended to levels below $100,000 on the Coinbase exchange, during the afternoon hours of the US session on Tuesday.

It followed Ethereum’s move to turn negative for 2025, amidst the altcoin’s steepest daily drop in months.

While the US was busy with the New York mayoral elections on Tuesday, the Bitcoin price briefly slipped below the $100,000 mark on the Coinbase exchange.

It lasted only for a moment before a quick pullback, with BTC trading for $100,977 as of this writing. As of this writing, the intra-day low for the pioneer crypto was $99,908, levels that had last been seen on June 23, 2025.

Meanwhile, bettors on prediction market Kalshi wager a significant chance that the Bitcoin price could still record further downside, some calling for as low as below $80,000.

Meanwhile, with the latest drop, Bitcoin descended by over 20% from its October peak of $126,296 recorded early last month.

BREAKING: Bitcoin officially enters bear market territory, now down -20% since its record high seen on October 6th.

We are living in the most exciting market in history. pic.twitter.com/EHoyb8xsZK

The drop also eliminated excessive leverage from the market, potentially setting the stage for continued volatility amid broader market uncertainty.

Despite the broader downturn, some Bitcoin holders have been accumulating during the price decline, suggesting some underlying buying interest amid growing concerns of a new crypto winter.

Elsewhere, Elliott Wave analysts say the bear market is expected to persist through late 2026. If this is true, the pioneer crypto could be poised for an extended period of downward pressure.

The post Bitcoin Briefly Breaks Below $100,000 on Coinbase Exchange appeared first on BeInCrypto.

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