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Why is the Crypto Market Down Today as Bitcoin Slips Below $107K?

Why is Crypto Market Down Today

Crypto Market Down as Bitcoin Drops to $105K and $375M Liquidated

Have you seen the crypto market down again today? Prices are slipping across the board. The overall market is down about 1.47% in the last 24 hours. 

The main reason was Bitcoin’s failed attempt to stay above $107,000, triggering a wave of selling and liquidations in other coins.

BTC is currently trading at about $105,104, down about 1.38% for the day. Ethereum and the broader top tokens also followed the decline as traders turned cautious after a strong rally earlier this month.

Bitcoin Faces Tough Resistance

The BTC price couldn't break above $107,000, which was seen by many traders as the key level for another push higher. It saw intense selling pressure for a sharp pullback. 

According to analysts, Bitcoin price now has support around $104,000, and if it falls below $100,000, prices could slide further toward $90,000–$93,000. 

Technical indicators also show weakness. The MACD has turned negative, and a death cross is in the making with the 50-day moving average falling below the 200-day line. These are indications that the market might remain bearish for some time. 

Bitcoin price chart

Source: CMC 

Big Liquidations Add to the Pressure

In the past 24 hours alone, close to $373 million worth of crypto positions were wiped out. Also, around 148,000 traders got liquidated during the drop. Bitcoin saw about $81 million in liquidations, while Ethereum lost $73 million.

Crypto liquidation

Source: Coinglass

Some altcoins were hit even harder. Zcash plummeted 26.7%, while Starknet tumbled 25.1% as traders scrambled to take profits following huge rallies. Sudden declines swept UNI, XRP, and Solana. Most of the losses came from long positions-meaning traders who had bet on upside-were on the wrong side of the move.

Whales and ETF Inflows Slow Down

Institutional buying that helped lift Bitcoin in October has cooled down. Spot Bitcoin ETFs recorded just $1.15 million in inflows on November 10 against their peak of $336 million per day in October. Where Ethereum ETFs had 0 inflows recorded

Ethereum ETFs

Source: Sosovalue

Meanwhile, whales - big investors - have sold more than $4 billion worth of BTC since prices reached $126,000. The Exchange Whale Ratio is now at its highest since March, with more large holders transferring their coins to exchanges in clear preparation for selling.

About 36% of BTC holders are now sitting on losses, raising the likelihood of panic selling if prices fall below the key $100K level.

Regulatory Concerns Return

Markets are also responding to renewed regulatory debates in the U.S., where a new Senate bill proposes giving more authority to the CFTC over crypto oversight. While this may bring clarity to the markets in the longer term, traders are concerned that uncertainty may dampen market growth in the short term and force investors to remain on the sidelines.

Outlook: What's Next for Crypto?

Poor technical indications, slower institutional demand, and significant profit-taking after strong rallies combine to power the current downtrend in crypto markets. The bigger test for bitcoin now will be whether the asset can manage to hold above $100,000.

The only way the market can recover is if ETF inflows pick up again and whales stop selling. For now, traders are cautious, keeping a close eye on the ETF data, whales' activity, and regulatory updates for what may come next. 

Muskan Sharma

About the Author Muskan Sharma

Expertise coingabbar.com

Muskan Sharma is a crypto journalist with 2 years of experience in industry research, finance analysis, and content creation. Skilled in crafting insightful blogs, news articles, and SEO-optimized content. Passionate about delivering accurate, engaging, and timely insights into the evolving crypto landscape. As a crypto journalist at Coin Gabbar, I research and analyze market trends, write news articles, create SEO-optimized content, and deliver accurate, engaging insights on cryptocurrency developments, regulations, and emerging technologies.

Muskan Sharma
Muskan Sharma

Expertise

About Author

Muskan Sharma is a crypto journalist with 2 years of experience in industry research, finance analysis, and content creation. Skilled in crafting insightful blogs, news articles, and SEO-optimized content. Passionate about delivering accurate, engaging, and timely insights into the evolving crypto landscape. As a crypto journalist at Coin Gabbar, I research and analyze market trends, write news articles, create SEO-optimized content, and deliver accurate, engaging insights on cryptocurrency developments, regulations, and emerging technologies.

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