On the evening of November 3rd, the cryptocurrency market experienced a sharp decline. Data from the OKX exchange reveals that over the past 24 hours, Bitcoin lost more than 2.5%, dropping to $107,700, erasing the gains made over the weekend.
Other major cryptocurrencies also plunged into the red zone, with Ethereum (ETH) falling over 4% to $3,701; BNB down 6% to $1,011; XRP losing more than 5.4% to $2.40; and Solana (SOL) decreasing by over 5%, settling at $175.
According to Cointelegraph, Bitcoin unexpectedly slid to the $107,000 range—its lowest point in several days.
CrypNuevo experts suggest this could be the most challenging trading week of Q4, with the potential for prices to retreat to the $101,000 range, considered a strong support level.
Bitcoin is currently trading at $107,700. Source: OKX
Analyst Daan Crypto Trades highlights key levels to watch at $105,000–$106,000 and $117,000, while another expert warns of further declines before a potential recovery.
November typically marks a positive period for Bitcoin, but this year, the cryptocurrency has dipped by approximately 2%. Investor sentiment has turned bearish, with only 33% of surveyed participants believing the price could surpass $120,000 this month.
Farside Investors data indicates that Bitcoin funds have seen outflows for three consecutive days, with BlackRock accounting for a significant portion.
Cryptocurrency expert Charles Edwards notes that institutional buying demand is currently weaker than the daily Bitcoin mining output, signaling waning demand.
Meanwhile, CryptoQuant reports a 26% year-over-year decline in active Bitcoin network users, reflecting a retreat by retail investors. Some analysts predict prices could drop to $98,500 before stabilizing.
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