The cryptocurrency market was shaken by a fresh wave of selling on the third day of November. Bitcoin’s value decreased by 2.5% in the previous 24 hours, falling below $109,000, and the total market valuation drop reached 2.88%. The intensified selling pressure was driven by both macroeconomic and technical factors. Comments from the Federal Reserve Chair Jerome Powell suggesting the deferment of interest rate cuts weakened investor confidence. An outflow of $388 million from spot Bitcoin ETFs further accelerated profit-taking among institutional investors.
What is Causing Bitcoin’s Decline?
One of the primary reasons behind the increase in Bitcoin sales is the shift of investors who have held significant amounts of BTC for a long time towards exchanges. Since the beginning of October, early investors often referred to as Bitcoin OGs, moved a total of 13,000 BTC (approximately $1.48 billion) to major exchanges like Kraken, Binance, and Coinbase.
Of particular note is the 3,265 BTC (worth $364.5 million) transfer conducted by Owen Gunden starting from October 21. Such large transactions have led to expectations of new selling waves in the market. According to analysts, the $108,000–109,000 range is a critical support for Bitcoin. Falling beneath this threshold could trigger a cascade of liquidations.
Cardano Shows Potential Amidst Market Uncertainty
Meanwhile, despite the gloomy market atmosphere, the altcoin Cardano (ADA) presents a technically promising outlook. A bullish divergence observed on the daily chart had previously set the stage for an 87% rally. The Stochastic RSI indicator’s decline to low levels on both daily and weekly periods suggests a potential trend reversal.
Experts argue that ADA is currently trading below its intrinsic value within the current price range. They emphasize that if volume support emerges, a new wave of ascent might commence. However, patience is advised to see if these signals turn into a sustained trend without clear market direction.
According to data from CryptoAppsy, ADA was trading at $0.5728, having dropped 6.71% in the last 24 hours at the time of writing.