Crypto Downtrend: Bitcoin Under $104K, Ethereum Under $3.5K
The crypto market faced a pronounced downtrend on Nov. 12 amid growing uncertainty. Bitcoin price dropped over 2%, slipping below the $104,000 mark. Ethereum price declined nearly 3%, trading under $3,500. Market cap for Bitcoin fell to $2.06 trillion, with a 24-hour volume of $59.89 billion. Ethereum’s market cap slid to $415.66 billion, and its 24-hour volume reached $31.44 billion. Rising volatility and risk-off sentiment drove traders to reduce exposure. The downturn underscores heightened market volatility and cautious trader sentiment ahead of key macroeconomic events. Short-term support levels around $100K for Bitcoin and $3.3K for Ethereum will be critical to watch.
Bearish
The sharp price declines in Bitcoin and Ethereum on Nov. 12 reflect a bearish market sentiment. Rising volatility and risk-off sentiment have triggered sell-offs, similar to past episodes before major macroeconomic announcements. Bitcoin’s dip below $104K and Ethereum’s move under $3.5K suggest traders are reducing exposure ahead of potential catalysts. In the short term, key support levels around $100K for BTC and $3.3K for ETH may be tested. Historically, such downturns can lead to brief recoveries once uncertainty clears, but the current sentiment remains cautious. Long-term prospects hinge on institutional inflows, regulatory developments and macro data that could reverse or reinforce the bearish trend.