After months of rallying, Bitcoin has now fallen below the $100,000 mark, after recording its record high of $126,000 in early October. This comes more than a month after record redemptions started in the last week of September and continued in October, even as a rising dollar and unrealised losses amongst short term holders have increased losses.
In fact, the entire crypto market has been on a decline, losing almost 6% of its value. Within 24 hours, the whole crypto market has lost more than $300 billion, with the market cap standing at $3.36 trillion.
Bitcoin is now 25 days past the October 10th market wipeout 🔻.
Historically, it tends to show a renewed trend around the 30-day mark after major shakeouts 📈.
Stay alert 👀. pic.twitter.com/3LwoNZQYLm
— Maartunn (@JA_Maartun) November 3, 2025
Bitcoin has risen just over 10% this year, even lower than equities, falling short of its reliance as a portfolio hedge. Open interest in Bitcoin futures have remained below pre-crash levels, even as funding costs have turned favourable.
“BTC price broke below key support zones and attracted a wave of liquidations and panic selling. Therefore, the current trade dynamics appear more about positioning and sentiments right now and less about fundamentals,” Sumit Gupta, the co-founder of CoinDCX, said on the recent drop in Bitcoin prices.
Yet there is hope, after a volatile October, some analysts think further gains could be possible, with the markets entering a ‘recalibration phase’.
“Market data and technical signals suggest Bitcoin may trade within a $94,000–$118,000 range in the near term. The lower bound represents a healthy retracement zone consistent with subdued ETF inflows,” Lacie Zhang, a research analyst at Bitget Wallet, explained.
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