#加密市场观察 #BTC走势分析 #ETH走势分析
Bitcoin fell below $100,000 on November 14, 2025, reaching a low of $98,071, marking the market's entry into a confirmed bear market phase.
### 📌 Background
Recently, Bitcoin has continued to decline from its high, oscillating around $102,000 on November 13, with bulls unable to hold the resistance area at $105,000. Market sentiment has become cautious, with significant fluctuations in trading volume.
### 🔍 Retracement Details
- Price Movement: On November 14, Bitcoin dropped by 3.8%, breaking below the psychological threshold of $100,000, hitting a low of $98,071.
- Triggering Factors:
- Institutional investors are withdrawing, with spot ETF funds experiencing continuous net outflows, exceeding $1.5 billion in the past week.
- Long-term holders (“whales”) are selling off, with one whale holding for 15 years cashing out approximately $1.5 billion.
- Global risk aversion has increased, with technology stocks dragging down risk assets.
- Market Response:
- The total number of liquidations reached approximately 150,000, with the liquidation amount exceeding $1.1 billion, primarily from leveraged long positions.
- Major cryptocurrencies like Ethereum followed suit, dropping more than 6%.
- Derivatives market saw a surge in bearish options trading, indicating an increase in demand for downside protection.
