The bears are back in town, and BTC has dropped below $100,000 for the second time this week as the overall market sentiment remains highly bearish.
This has prompted even some of the most optimistic analysts to change their tune on bitcoin, including Merlijn The Trader, who outlined a crucial warning sign that has led to numerous rejections in the past or even the start of a subsequent bear market.
IT’S OVER FOR BITCOIN. SEE YOU ALL IN 4 YEARS.
Same line. Same rejection.
Every cycle looks unstoppable… until this line kills the momentum.This isn’t a breakdown yet.
But history says: respect the line.Break this, or break down. No in-between. pic.twitter.com/F9S3YV85zf
— Merlijn The Trader (@MerlijnTrader) November 7, 2025
His warning comes as BTC was stopped at just over $104,000 on Wednesday and pushed south to $100,500 yesterday. The asset managed to remain within a six-digit price territory on Thursday, but it gave in minutes ago and dipped to $99,700 (on Bitstamp).
This is the second such decline below the coveted $100,000 line this week after the Tuesday crash that pushed it to a five-month low of $99,000. Altcoin Sherpa weighed in on the matter as well, suggesting that if the $100,000 support fails to hold, the cryptocurrency could probably go to [the] low $90ks minimium.
Altcoin Market Correction
Naturally, the altcoins have followed suit with notable price declines. Ethereum is down by over 5% in the past day and is close to breaking below $3,200 once again. XRP has plunged beneath the $2.20 support after a similar daily drop. SOL, WBT, and HYPE have experienced identical corrections.
Impact on Traders and Liquidations
These volatile price moves have harmed over-leveraged traders once again. More than 220,000 such market participants have been wrecked in the past day, with the total value of liquidations rising to almost $700 million. The single-largest took place on Hyperliquid and was worth over $15 million.
