🔴😞 Market Analysis — 6-Nov-09
In the swirling hours of Tuesday morning, Bitcoin’s price smashed through the psychologically vital $100,000 threshold, sending tremors through an already anxious crypto market. The selloff wiped out an estimated $1 trillion in crypto value, echoing the nervous drumbeat in equities as tech stocks endured their own correction. Analysts point to the looming bear market, heavier ETF liquidations—over $800 million in outflows—and global macro jitters from the U.S. government shutdown as accelerants to the rout. The mood on major exchanges Bybit and Gate.io has soured, with traders hastily swapping riskier coins for the stability of USDT, mapping a retreat reminiscent of past “crypto winters.”
Looking ahead to November, the landscape remains fraught with volatility: charts suggest one last painful dip could precede any substantive recovery. CryptoQuant warns that if Bitcoin fails to hold $100,000, a slide to $72,000 within months is plausible. Yet, in adversity, opportunity persists. With ETF traders dumping holdings and market sentiment feverish, sharp reversals are always in play—should macro signals turn and the Fed pivot materialize, Bitcoin could yet become a magnet for sidelined capital. For now, caution outweighs optimism but seasoned hodlers know this market loves to surprise.
- Bitcoin’s break below $100,000 triggers broad liquidation and panic.
- ETF traders have pulled $800 million, amplifying selling pressure.
- Exchange data shows retreat from risk assets to stablecoins, fanning winter fears.