The cryptocurrency officially broke the $100,000 mark early this morning around 5 AM, hitting a low of $98,888, marking the lowest record in four months. Although there was a rebound afterward, the strength was somewhat insufficient, and as of the time of writing, the price is quoted at $102,900, down about 5.22% in the last 24 hours. Ethereum's decline was even more severe, with a sharp drop alongside Bitcoin to $3,055, down about 10% in the last 24 hours. Other top ten cryptocurrencies also followed the downward trend.
The widespread decline in the crypto market has also triggered a wave of liquidations. Data shows that approximately 480,000 crypto traders were forcibly liquidated in the last 24 hours, with a total amount reaching $2 billion. The cryptocurrency fear and greed index has thus fallen to 20, officially entering a state of extreme fear in the market.
Although the sentiment in the crypto market has been low recently, I still believe that the bull market structure remains intact. I’m not sure if the term "intact" is appropriate, but the delayed interest rate cuts have a certain negative impact on risk assets, albeit short-term. Overall macro conditions have not changed significantly; whether it’s early or late, rates will eventually drop. Some panic-induced market fluctuations are normal; after all, the market is about ups and downs. If it only goes up or only goes down, it loses the essence of trading. Regarding market conditions, it was also mentioned in yesterday's article that after losing the important support level of $102,000, the target may point to the $98,000-$95,000 range. Although it hasn't reached that yet, it’s getting close.
In terms of technical analysis, Bitcoin's price found temporary support around $98,888 after a rapid decline and rebounded slightly to around $102,650. Overall, it is still in a mid-term downtrend, but short-term indicators show signs of a rebound.
In the short term (1 to 3 days): The KDJ golden cross and the shrinking MACD green histogram indicate that there is potential for a short-term rebound; if it stabilizes above $103,000 with increased volume, a rebound is expected to reach the $105,500 to $107,000 range; if the rebound lacks volume or is suppressed by the trend line, the price may pull back to around $99,000. In the mid-term (3 to 7 days): The price is still in a descending channel, and only a valid breakout above $107,000 and stabilization can confirm a trend reversal; if the rebound fails, it may consolidate at the bottom or continue to decline.
In summary, Bitcoin is currently in a stage of oversold rebound and repair, with a short-term bullish bias technically, but the overall trend remains bearish. A breakout in the $103,000 to $107,000 range may extend the rebound; if the volume is insufficient and it falls below $99,000, it may enter a new round of decline. Caution is advised for short-term high chasing, and flexible operations should be maintained, focusing on the support at $102,000 and the resistance at $107,000.
For short-term trading, attention can be paid to the support in the $102,000 to $103,000 range, and a small long position can be taken when a rebound is confirmed, targeting $105,500-$107,000; for mid to long-term, it is recommended to wait for the MACD golden cross, trend line breakout, and stabilization at the mid-line before re-entering.
Giving you a 100% accurate suggestion is not as good as providing you with the right mindset and trend. Teaching a man to fish is better than giving him a fish; a suggestion may earn you a moment, but learning the mindset can earn you a lifetime!
Time of writing: (2025-11-05, 22:30)
(Written by - Daxian Talks Coins) Disclaimer: Online publication has delays, and the above suggestions are for reference only. Investment carries risks; proceed with caution!
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