Bitcoin Price Crashes Below $100K: What’s Driving the Drop?

Bitcoin price hovered below $100,000 on November 7th, following a strong bearish trend in the market. The cryptocurrency was unable to hold significant support levels, especially the $110,000 to $115,000 zone, and eventually dropped below the psychological $100,000. 

Bitcoin has also dropped by 10% during the last week, which is consistent with the overall negative dynamic in the crypto market crash.

In the last 24 hours, the market was down by 3.14 in risk-off sentiment, and this pushed the Fear and Greed Index to 21, signaling extreme fear. This shift in sentiment led to over 700 million of liquidations, leading to sell-offs on the leading cryptocurrencies like ETH, SOL, XRP, and ADA.

Moreover, institutional outflows also played a role in the decline, and in November, some 661 million moved out of U.S. spot Bitcoin ETFs. The bearish market movement was further driven by the technical malfunction in the market at the support level of $110,000-$112,000.

Will $98K Support Hold for Bitcoin Price?

Crypto analyst has pointed to the alarming pattern of Bitcoin price dropping to a price below the $100K mark once again. Analyst pointed out that the cryptocurrency is now undergoing the $100K support level, after a bearish engulfing pattern in the 4-hour chart.

Analysts stressed that Bitcoin should not fall below this critical point, as it will be a severe decline.

Unless the price will manage to take a stand above the $100K support, the risk of the Bitcoin falling further as far as the support zone of 98K remains is high.

What’s Next For BTC Price?

The BTC price crashed at $100,231, marking a decrease of 0.14%. This drop follows a sharp decline from the $104,000 level, and the cryptocurrency is struggling to gain upward momentum. 

Immediate support appears to be at $100,000 and $97,000, while resistance remains at the $104,000 and $105,000 levels.

In the short term, the price may test the support at $97,000. If that fails, a deeper move could cause the BTC price to drop $92,000.

On the upside, if Bitcoin can reclaim $104,000 or $105,000, it may shift the momentum back toward a bullish outlook. Additionally, the full Bitcoin Forecast report, the cryptocurrency may trigger a bullish trend in the near term if buyers steps in.

The market attitude is bearish. The RSI is 30.52, which is bordering on oversold levels, which indicates the possibility of further decline in case of a continuation of the current trend. In the meantime, the MACD also displays a negative value, which supports the negative pressure of the Bitcoin price.