Today’s Crypto Market, November 4th: Heavy Losses for Many Investors

On the evening of November 4th, the cryptocurrency market remained in the red. Data from OKX reveals that over the past 24 hours, Bitcoin dropped by more than 4%, falling to the $103,700 range.

Other major cryptocurrencies also experienced significant losses, with Ethereum declining over 6% to $3,496, XRP falling more than 7% to $2.20, BNB dropping over 7% to $942, and Solana (SOL) decreasing by more than 8% to $160.

According to Cointelegraph, Bitcoin’s sharp decline stems from investor concerns that its price might fall below the $100,000 mark.

This pressure arises from large investors selling off, declines in U.S. stocks, and a stronger U.S. dollar, creating a trifecta of unfavorable conditions for the cryptocurrency market.

Investor Ted Pillows suggests that if Bitcoin falls below $100,000, its price could further adjust to $92,000, nearing an unfilled price gap in the CME futures market.

Trader Daan Crypto Trades warns that Bitcoin has lost its “key support level” after weeks of recent price increases.

The steep decline has resulted in substantial losses for many new investors, with the short-term Bitcoin holder’s unrealized profit/loss ratio entering the “capitulation” zone, nearing its lowest point since April.

Glassnode notes that such periods often present excellent accumulation opportunities for patient investors.

Currently, investors are closely monitoring the $102,000–$100,000 range to assess whether the market will recover or continue its downward trend.