TL;DR
Bitcoin’s rough start to November continued after the asset slipped to $103,890 (-3.26%) in the past 24 hours. The latest pullback takes BTC nearly 17% below its early-October peak. Selling pressure intensified after another wave of liquidations and lighter institutional inflows, although analysts argue this reset may support a more durable rally later in the month. Some traders are now eyeing the psychological $100,000 region as a potential springboard if tested.
Most major altcoins traded lower as well. Ethereum at $3,494 (-5.64%), BNB at $954 (-5.93%) and Solana at $160.67 (-8.17%) led the declines among top assets. Cardano, Dogecoin, Tron, Hyperliquid, Chainlink and Bitcoin Cash also recorded daily losses between 4% and 6%. The entire sector’s market capitalization stands at $3.45T after another day of net outflows.
The downturn was not uniform. Privacy-centric assets showed resilience and attracted renewed interest, as traders sought alternatives with stronger decentralization traits. Dash, Decred and Zcash drew attention with double-digit gains in recent sessions, contrasting with the broader decline. Rising demand for self-custody and censorship-resistant solutions helped these tokens outperform. Daily trading volume increased to $223B, hinting at growing participation rather than a collapse in activity.
Investor sentiment cooled, with the Fear and Greed Index at 27, a level often associated with fear-driven decisions. Historically, such readings have preceded accumulation phases from patient buyers. On-chain data still shows Bitcoin leaving exchanges, which is typically viewed as long-term holders preparing for future appreciation rather than near-term selling.
Analysts maintain that this phase resembles a consolidation at higher levels rather than a structural breakdown. Excess leverage from October’s rally has now been removed, leaving a cleaner setup. Institutional adoption continues to progress, supported by new financial products and ongoing corporate BTC accumulation. If the Federal Reserve signals a softer stance on rates later this month, risk assets like Bitcoin could regain momentum.
While volatility remains elevated, many seasoned investors see this period as a buying opportunity rather than a moment to exit.
