On the evening of November 11th, the cryptocurrency market experienced a significant downturn. Data from the OKX exchange revealed that over the past 24 hours, Bitcoin (BTC) prices dropped by more than 1.5%, settling at $104,600.
Other major cryptocurrencies also saw declines. Ethereum (ETH) fell to $3,548, XRP to $2.40, BNB to $981, and Solana (SOL) to $163.
Cryptocurrency expert Ted Pillows noted that Bitcoin is currently under pressure but could rebound if market conditions improve. He highlighted the $104,000 support level as a critical point to watch, with potential for an upswing if capital inflows resume.
According to trader Daan Crypto Trades, the price drop reflects broader challenges in the cryptocurrency market, as many investors are temporarily withdrawing funds.
Bitcoin is currently trading around $104,600. Source: OKX
Meanwhile, analyst Michael van de Poppe described the decline as a normal market fluctuation. However, he warned that if Bitcoin fails to maintain key support levels, it could test the $100,000 mark or even drop to $90,000–$93,000 before finding a stable bottom.
Long-term, QCP Capital emphasized that sustained Bitcoin growth requires favorable economic conditions, ETF fund inflows, and strong demand from long-term investors.
QCP Capital also cautioned that many long-term holders are still selling, which could keep the market in a sideways trend over the medium term.
Experts agree that Bitcoin and the cryptocurrency market are in a sensitive phase. Investors should closely monitor price movements and market sentiment, as Bitcoin’s price is expected to fluctuate between $104,000 and $107,000 in the coming days, with a potential drop below $100,000 if selling pressure intensifies.
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