Bitcoin Tests $100K Support as the cryptocurrency dropped below $101,000 on November 4, sending shockwaves through crypto markets. The world’s largest cryptocurrency battles to maintain its psychological $100,000 support level after a brutal 20% correction from October’s all-time highs.
Sharp Correction Follows Record Highs
Bitcoin closed at $100,930 on Monday, marking a 5.28% daily decline after briefly touching lows near $99,500, according to historical trading data. The pullback comes after BTC reached its peak of $126,199 in October, leaving traders scrambling to identify the next major support zone.
The sell-off intensified after Bitcoin broke below the 200-day exponential moving average at $104,288, a technical level that often signals deeper correction potential. Market sentiment has deteriorated sharply, with the Fear & Greed Index plunging to 21—firmly in “Extreme Fear” territory.
Technical Breakdown Sparks Bear Warnings
Analysts are identifying a slanted bearish head and shoulders pattern emerging on Bitcoin’s charts, a formation that typically precedes further downside. Technical indicators paint a concerning picture, with 12 of 17 signals flashing “sell” warnings.
If Bitcoin fails to hold the $100,000 level, strategists warn the next major support sits at $94,200—a 61.8% Fibonacci retracement level that could represent a 30% drop from recent peaks. Some bearish forecasts even point to $92,000 as a worst-case scenario for this correction phase.
Whale Activity Adds Pressure
Contributing to the market weakness, a massive $1 billion BTC whale sale hit exchanges in recent days, according to blockchain analytics. Large holder distributions often precede extended consolidation periods as the market absorbs supply. Professional traders and institutional investors are analyzing order book depth and liquidity conditions to gauge whether Bitcoin Tests $100K Support successfully or breaks down to lower levels.
Key resistance levels now stand at $108,559 and $110,000, with traders watching whether Bitcoin can reclaim the $107,000 zone to invalidate the bearish setup.
Short-Term Price Targets Diverge
Price predictions for the immediate term show significant variance as analysts debate whether Bitcoin Tests $100K Support successfully. Changelly’s forecast models suggest Bitcoin could rebound to $109,811 within 24-48 hours if buyers defend current levels—representing a 5.67% recovery bounce. This optimistic scenario requires trading volume to return and support levels to hold firm, with sustained buying pressure needed to overcome seller resistance.
More conservative projections point to continued consolidation around $101,946, keeping Bitcoin range-bound near the psychological $100,000 mark as technical indicators suggest indecision. Market observers note that sideways price action could persist for several days as buyers and sellers reach equilibrium, with any decisive move requiring a catalyst to break the current stalemate.
What’s Next for Bitcoin
As Bitcoin Tests $100K Support, the cryptocurrency stands at a critical inflection point that could determine the trajectory of the entire crypto market. A decisive break above $107,000 with strong volume could trigger a relief rally toward $116,000-$118,000, potentially resuming the broader uptrend that captivated investors throughout 2024. However, failure to hold $100,000 support would likely accelerate selling pressure toward the $92,000-$94,000 zone, forcing traders to reassess their bullish positioning.
November historically ranks as Bitcoin’s strongest performing month with an average 42% gain, though past performance offers no guarantee. With extreme fear gripping markets and technical indicators flashing warnings, the next few trading sessions will determine whether Bitcoin’s bull run remains intact or requires deeper correction before resuming its climb. As Bitcoin Tests $100K Support, market participants are closely monitoring trading volumes, on-chain metrics, and institutional flows for signs of accumulation or capitulation. The $100,000 level has emerged as a critical battleground where bulls and bears fight for control of Bitcoin’s near-term trajectory, making it one of the most watched price levels in cryptocurrency history.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, and readers should conduct their own research and consult with financial professionals before making investment decisions.
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