Bitcoin began November under pressure after closing its worst October in ten years, falling below $105,000 early Tuesday as selling in major currencies deepened following last week’s Federal Reserve decision.
BTC has fallen 2.8% in the last 24 hours, while ether is down 6% to around $3,630. Solana led the losses with a 10% drop to below $160, extending its seven-day decline to more than 20%. BNB lost 6.4% and XRP lost 5%, while and Cardano’s ADA fell by approximately 6% each.
The widespread decline shaved another $100 billion off the total crypto market capitalization, which is now around $3.6 trillion.
“The cryptocurrency market is trying to break out of its local bottom,” said Alex Kuptsikevich, chief market analyst at FxPro. “Bitcoin’s repeated tests of its 200-day moving average suggest fragile support, and a deeper pullback cannot be ruled out. Still, if the structure reflects the April pattern, buyers could soon find the basis for another upward move.”
October’s 4.5% drop broke Bitcoin’s long streak of positive finishes and underlined how much macroeconomic caution has returned. The Federal Reserve’s 25 basis point cut last week was widely expected, but Chairman Jerome Powell’s dovish tone dampened risk appetite after hinting that the December cut is not guaranteed.
“Bitcoin’s first red October in seven years has certainly raised eyebrows, but I see it more as a healthy reset than a structural reversal,” said Rachel Lin, CEO of SynFutures. “The current pullback looks more like a consolidation within a broader uptrend. Long-term holders are still accumulating and ETF flows remain stable.”
Fed data showed a $29.4 billion repo operation on Monday, the largest since 2020, injecting short-term liquidity into the U.S. banking system and helping stabilize broader risk sentiment. While this is not a return to quantitative easing, the move indicated that authorities remain vigilant about liquidity strains.
November has historically been one of Bitcoin’s strongest months, with gains in nine of the last 12 years. Whether that seasonal trend holds may depend on how quickly traders regain conviction and whether the Fed’s “soft pivot” narrative translates into renewed capital flows for cryptocurrencies.
The decline reflects broader risk aversion in stocks and commodities as investors reassess cautious messaging from the Federal Reserve and ongoing geopolitical uncertainty.
Meanwhile, futures linked to the S&P 500 traded lower on Tuesday, while gold continued to retreat from all-time highs near $4,400, erasing a portion of last month’s safe-haven rally. Meanwhile, Treasury yields stabilized after briefly falling due to the Federal Reserve’s liquidity injection.
Tight weekend order books and aggressive liquidation of leveraged long positions have amplified every move lower, with more than $1.2 billion in liquidations recorded in the last 48 hours. Funding rates have normalized, but positioning remains defensive.
