Key Takeaways:
- Bitcoin trades near $102,000, with $98,000 acting as fragile support.
- Ethereum struggles below $3,700, risking a slide toward $2,800.
- Market sentiment hinges on Bitcoin reclaiming $104,000.
- A “death cross” pattern could deepen short-term bearish momentum.
Crypto Market Faces Renewed Pressure
The crypto market is once again on edge as Bitcoin and Ethereum struggle to hold their support zones. After a surge earlier this month fueled optimism, renewed selling pressure has drained momentum, raising concerns about a deeper correction. Bitcoin’s rejection near $104,000 pushed prices back toward $102,000, signaling a fragile setup that could extend losses if support fails.
Analysts note that repeated tests of the same range — particularly around $98,000 — often weaken it over time. If Bitcoin cannot reclaim higher ground soon, the current trend could accelerate into a broader market pullback.
Bitcoin’s “Make or Break” Moment
Bitcoin’s daily chart paints a cautious picture, showing a steady pattern of lower highs and lower lows, confirming a short-term downtrend. The digital asset now faces what some traders call a “make or break” moment. A sustained move above the $104,000–$106,000 range could revive bullish sentiment, but falling below $100,000 may open the path to further downside.
Adding to the tension is the potential formation of a “death cross”, where short-term moving averages dip below long-term ones—a historically bearish signal. While a short bounce from $98,000 remains possible, confidence in a lasting rebound will depend on a sharp rise in buying volume.
Ethereum and Altcoins Show Similar Weakness
Ethereum is mirroring Bitcoin’s struggle. After a modest recovery from $3,000, ETH again faces rejection below $3,700. Without a daily close above that resistance, momentum may continue to fade, increasing the risk of a drop toward $2,800.
Also Read: Top 10 Altcoins with Real-World Use Cases
Smaller altcoins remain mixed, with brief rallies failing to sustain interest. Most digital assets are consolidating in narrow ranges as traders await a decisive move from Bitcoin or Ethereum to guide the next market direction.
Market Outlook: Key Levels to Watch
The coming days are crucial. Bitcoin must stay above $104,000 and Ethereum above $3,700 to restore optimism. Failure to hold these levels could trigger another leg lower across the market.
If support holds and buying pressure returns, November could still see a short-term recovery. But for now, traders remain cautious, watching the charts closely for signs of strength or capitulation.
