Bitcoin fell below the 100,000 mark! Ethereum fell below 3,400, and market panic continued to spread

Nakamoto 2025-11-5 12:16 28161人围观 BTC

The U.S. index soared, coupled with regulatory concerns, and cryptocurrencies suffered a comprehensive sell-off Dear comrades in the currency circle, I am Hengxin! Today (November 5), the cryptocurrency market once again staged a bloody market. Bitcoin fe

The U.S. index soared and regulatory concerns compounded, and cryptocurrencies suffered a comprehensive sell-off

Dear comrades in the currency circle, I am Hengxin! Today (November 5), the cryptocurrency market once again staged a bloody market. Bitcoin fell below the psychological barrier of $100,000 for the first time since June, hitting a low of $98,750, with an intraday drop of more than 7%. Ethereum was equally miserable, falling below the key support of $3,200, and the entire cryptocurrency market value evaporated by more than $120 billion in a single day.

Global market linkage: Risk aversion storm sweeps the currency circle

Cryptocurrency market is bleeding

Bitcoin: $98,750, down 7.2% on the day, liquidated $850 million in 24 hours
Ethereum: $3,150, down 8.9% on the day, hitting a three-month low
The whole network liquidated: 1.42 billion US dollars, 286,000 investors were liquidated

The drag effect on traditional markets is obvious. While cryptocurrencies are plummeting, traditional markets are also not optimistic:

U.S. technology stocks fell sharply, with the Nasdaq index falling 2.8%
The U.S. dollar index rose strongly to 107.8, a new high for the year
U.S. bond yields continue to rise, with the 10-year yield exceeding 4.6%

This linked decline shows that risk assets are experiencing a comprehensive sell-off and funds are withdrawing from high-risk areas.

Technical analysis: Key support fell across the board

Bitcoin technical picture deteriorates across the board

Analyzing from the daily level, Bitcoin has clearly fallen below the important psychological mark of $100,000 for the first time since June. What’s even more fatal is that the weekly 200-day moving average ($99,200) has also been broken down, which is an important technical sign of the division between bulls and bears.

Bollinger Band analysis shows that the daily lower track has expanded to around $96,500, and the opening is still expanding, indicating that the downward momentum is far from over. The MACD indicator continues to decline after forming a dead cross below the zero axis, and the green kinetic energy column continues to strengthen, showing that the bears are fully in control of the situation.

Key support and resistance levels

Lower support: $95,000 (psychological mark), $92,000 (previous low support)
Upper resistance: US$102,000 (yesterday’s support turned to resistance), US$105,000 (middle track of Bollinger Bands)

The situation for Ethereum is even more serious

Ethereum not only fell below the key support of $3,200, but more importantly, it completely lost the intensive trading zone of $3,000-3,200. Judging from the 4-hour chart, the RSI indicator has entered the extreme oversold area below 25, but there is no obvious bottom divergence signal yet.

Trading volume analysis shows that trading volume continued to increase during the decline, indicating heavy selling pressure. The next important support is in the $2800-2850 area, which is the important low in March this year.

In-depth analysis of the news: multiple negative resonances

Regulatory pressure continues to increase

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler recently made another strong statement, saying that "most cryptocurrencies should be regarded as securities," paving the way for future regulatory tightening. At the same time, it is also reported that the European Union is considering implementing stricter regulatory measures in the DeFi field.

Institutional capital outflows intensify

According to the latest data, the U.S. spot Bitcoin ETF has experienced net outflows of $1.85 billion in the past three trading days, setting a record:

BlackRock IBIT: $920 million outflow
Fidelity FBTC: $680 million outflow
Other ETFs: Total outflows of $250 million

Fund outflows of this magnitude directly put tremendous pressure on the price of Bitcoin.

On-chain data warning

Glassnode data shows that Bitcoin’s MVRV ratio has fallen below key levels, indicating that holders are in the red overall. At the same time, exchange inflows have increased significantly recently, indicating that investors are more willing to sell.

Capital flow and market sentiment

Panic and greed index falls to extreme fear

The Cryptocurrency Fear and Greed Index dropped to 23 today, entering the "extreme fear" zone, indicating extremely pessimistic market sentiment. This indicator is often contrarian, but when combined with a strong downtrend, it can also mean that panic has not yet fully unleashed.

Perpetual contract funding rate turns negative

The funding rates of Bitcoin perpetual contracts on major exchanges have turned negative across the board, indicating:

Short position holders need to pay a fee to the long position
Market bearish sentiment is strong
Leveraged long positions were heavily liquidated

Operational Strategy: Stay Calm in a Crisis

Short-term traders (1-3 days)

Short strategy: Sell on rallies after rebounding to the range of $101,000-102,000, stop loss at $104,000, target $95,000
Bullish avoidance: Before a clear bottom signal appears, resolutely not buy the bottom or rush for a rebound
Key observation points: whether the U.S. index will fall back and whether U.S. stocks will stabilize

Mid-tier investors (1-4 weeks)

Waiting for stabilization: Focus on the support effect of US$95,000. If it can stabilize at this level and a bottom structure appears, you can consider opening positions in batches.
Position control: a single position shall not exceed 10% of the total funds, and the layout shall be carried out in batches
Stop loss setting: If the position falls below $92,000 after opening a position, you need to stop the loss decisively

Risk reminder and opportunity analysis

Major risk warning

Liquidity risk: If USD liquidity tightens further, Bitcoin could fall towards the $85,000-90,000 area
Policy risk: Uncertainty in regulatory policies remains the biggest variable
Technical risk: The failure of key support may trigger technical selling

Analysis of potential opportunities

Although the current situation is severe, it also contains significant medium- and long-term opportunities:

Panic selling often creates historic buying points
Fundamentals remain unchanged: Bitcoin halving effect, institutional adoption trends remain intact
Extreme fear is often an opportunity for long-term planning

Summary: Stay rational in the storm

The market is currently experiencing a typical liquidity-driven decline, with a triple blow from the technical, financial and emotional levels. In this extreme market situation, Hengxin recommends that all comrades:

Keep enough cash to prepare for worse situations
Closely track macro indicators, especially the U.S. dollar index
Wait patiently for the signal on the right and do not blindly buy the bottom.
Keep your mentality stable, the market will never lack opportunities

Tomorrow’s focus will be on: U.S. initial jobless claims data, speeches by Federal Reserve officials, and whether Bitcoin can regain the $100,000 mark.

Disclaimer: The above analysis is only a personal opinion and does not constitute investment advice. Market risks are huge, investment needs to be prudent, and please make decisions based on your own risk tolerance.