Crypto Market Update: Bitcoin Slips Below $102K, Ethereum And XRP Struggle
Bitcoin and Ethereum are experiencing struggles as selling pressures mount in the cryptocurrency market. Bitcoin is facing critical support near $102,000, with potential for further decline to $98,000 if it fails to reclaim ground above $104,000. Price action suggests a downtrend with a possible 'death cross' formation looming. Ethereum, similarly, is battling resistance around $3,700, with risks of revisiting $2,800 on continued selling. Altcoins show mixed performance amid cautious market sentiment. The coming days are pivotal for determining whether Bitcoin and Ethereum can stabilize above key levels or enter deeper corrections.
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Market Overview: Bitcoin and Ethereum Struggle
Bitcoin and Ethereum are facing difficulties sustaining above key support levels as a new wave of selling hits the market. The earlier bullish momentum that drove prices higher this month is fading, creating a sense of urgency for a strong recovery.
- Bitcoin's struggles: Recently rejected near $104,000, Bitcoin slid back toward $102,000. A decisive break below this level could lead to further drops, possibly testing the fragile $98,000 area, which has acted as support multiple times.
Bitcoin Faces a Critical “Make or Break” Moment
The daily chart shows a worrying pattern of lower highs and lower lows, signaling a potential continuation of the downtrend. To avoid further declines, Bitcoin must regain ground between $104,000–$106,000. Otherwise, this sets up a potential move below the $100,000 threshold.
- Concerning indicators: The current trend hints at a possible “death cross”, which occurs when short-term moving averages cross below long-term ones. This is often a bearish signal.
- Temporary optimism: Should the $98,000 support hold, a brief bounce could occur. However, a sustained recovery requires Bitcoin to break back above $104,000, restoring momentum quickly.
Ethereum's Weak Performance and Key Levels
Ethereum mirrors Bitcoin’s weakness, with its recovery attempts stalling. After rebounding slightly from $3,000, it now struggles to remain above strong resistance at $3,700.
- Crucial resistance: A daily close above $3,700 could signal the start of a recovery. Yet, for now, the market remains hesitant.
- Downward risk: Continued selling may drive Ethereum back toward the $2,800 support zone, a mid-range floor tested earlier this year. With limited buying volume, Ethereum appears stuck in a tight, precarious range.
Altcoin Market Remains Mixed
The altcoin market shows a mixed performance as caution dominates investor sentiment. While a few smaller coins exhibit minor rebounds, the overall tone remains soft.
- Lack of momentum: Despite isolated attempts from altcoins to push higher, none have sparked significant interest or shifted the broader market direction.
- Sideways trends: Most tokens are trading sideways, reflecting the broader influence of Bitcoin and Ethereum’s uncertain outlook.
Outlook for the Crypto Market in the Coming Days
The next few days could be pivotal for the cryptocurrency market. Whether Bitcoin and Ethereum manage to hold their critical support zones will likely dictate the market’s trajectory.
- Key levels to watch:
- Bitcoin: Stability above $104,000 remains crucial to prevent deeper corrections.
- Ethereum: A strong move above $3,700 could inspire broader market confidence.
If these levels are maintained, the market could regain strength heading into the latter half of November. However, a break below might trigger yet another correction phase.