Bitcoin's price has fallen below $100,000 for the first time in four months, wiping out nearly 6% of its value in a single day. The decline can be attributed to a strong U.S. dollar, outflows from spot Bitcoin ETFs, and large-scale liquidations across the crypto futures market, leaving investors wondering whether the long-anticipated bear market has finally arrived. What is noteworthy is that the correction in Bitcoin also had a ripple effect. Entire crypto sector, For the first time in recent months, its market capitalization has fallen below $3.5 trillion.
Bitcoin price plummets below $100,000
Bitcoin has not seen any clear bullish price movement over the past 30 days. Although that is true October started with a gathering The majority of October was dominated by major cryptocurrencies as it breached an all-time high of $126,000 for the first time. have a hard time leaving This is followed by a price range of $107,000 to $110,000.
Prolonged sideways trading suggests a lack of strong buying pressure. The weakness continued into November. This caused major cryptocurrencies to plummet below $100,000 in the past 24 hours, albeit briefly.
The strengthening of the US dollar has been one of the biggest headwinds for Bitcoin's recent price movement. The Dollar Index tracks the strength of the dollar against a basket of major currencies. exceeded 100 First time since August. The move reflects a growing preference among investors for safer assets, especially as uncertainty over the Federal Reserve's next interest rate decision continues to hang over global markets.
This impact is most visible in the crypto sector. Confidence was quickly lost. Bitcoin and Ethereum fell sharply as traders exited leveraged positions en masse. caused by a sudden downturn chain reaction of liquidation Billions of dollars in futures positions across exchanges were wiped out within hours.
In the case of Bitcoin, its market capitalization fell by 5.8% in just 24 hours, to about $2 trillion. Trading activity surged significantly during the economic downturn, exceeding $100 billion.
Is a bear market on the horizon?
A crash below $100,000 raises questions about whether a bear market has officially begun. Bitcoin prices are still up 8% annually, but the scale of recent losses along with the rise in the US dollar index signals a more cautious phase going forward. As of this writing, Bitcoin has already rebounded above $100,000 and is currently pushing towards $102,000. This rebound means that some traders have seized the opportunity to accumulate further during the decline, with Bitcoin currently trading at $101,770.
If the Bitcoin price falls below $100,000 again, there is a possibility of further decline towards $90,000. on the other hand, bullish technical analysis The sell-off brought Bitcoin to its 50-week moving average, a level that has always been shown to precede new all-time highs.
This support was last tested in April 2025, followed by a strong rebound, with Bitcoin price soaring more than 50% in the following months, reaching $125,000.
Featured image created by Dall.E, chart on Tradingview.com
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