The crypto market is undergoing volatility with a majority of cryptocurrencies having registered losses. Bitcoin on Tuesday, November 4 reflected a loss of under three percent to trade at $104,687. In the last seven days, the asset’s loss-margin has expanded to over eight percent.
Market analysts say that Bitcoin’s sharp drop to $104,000 level was driven by a wave of leveraged long liquidations and global risk-off sentiment amid macro tensions.
“Despite short-term weakness, on-chain data shows long-term holders remain steady, hinting at underlying strength. The $105,000 level now acts as a crucial floor — holding it could spark a rebound toward $111,000–$113,000, while breaking it risks deeper correction,” Sathvik Vishwanath, the co-founder and CEO of Unocoin told CoinHeadlines.
Over $148 million worth of crypto long positions have been liquidated in the past 60 minutes, data on liquidation heatmap show.
“Overall, the dump appears more like a leverage reset than the start of a sustained bearish reversal,” Vishwanath added.
Source: Coinglass
Ether clocked a loss of under six percent to trade at $3,506, data by CoinMarketCap showed on Tuesday. Its seven day dip percentage has widened to 5.51 percent.
Ripple, Binance Coin, Solana, Tron, Dogecoin, and Cardano also registered losses ranging between four to 10 percent. Chainlink, Bitcoin Cash, Stellar, and Litecoin also roped-in dips.
“The current move could continue as investors digest the hawkish tone from the Fed last week, indicating no rate cut in December. This, combined with the absence of key U.S. economic data releases, increased the uncertainty in the market, leading to profit booking across the board,” Edul Patel, the CEO of Mudrex told CoinHeadlines.
Meanwhile, a small number of altcoins managed to sway in a different direction. Zcash, for instance, rose in price by 20 percent to trade at $463.67. Monero also registered gains of 3.18 percent to retail at $344.
Despite the ongoing sluggish market sentiment, Strategy bought 397 BTC for $45.6 million, indicating a strong institutional appetite, analysts have noted while strongly advising caution to the trader community.
The crypto market cap dropped by 3.41 percent in the last 24 hours bringing its valuation to 3.47 trillion.