The cryptocurrency market is experiencing a significant downturn, with Bitcoin, Ethereum, Solana, and XRP all trading in the red. The global crypto market capitalization has slipped to $3.45 trillion, marking a 3.75% decline over the past 24 hours.
Data from Coinglass indicates that over $1.36 billion worth of leveraged positions have been liquidated in the last day, impacting more than 329,000 traders. The majority of these liquidations, approximately $1.22 billion, stemmed from long positions, suggesting that overly leveraged bullish traders were caught off guard by sudden price reversals.
Bitcoin Struggles to Hold $104K as Rejection at $112K Proves Critical
Bitcoin (BTC) has fallen to around $103,700, representing a 2.6% decrease in the past 24 hours and a nearly 9.3% drop over the week. The leading cryptocurrency failed to break above the critical $112,000 resistance zone, which triggered a new wave of selling pressure.
Analyst Michaël van de Poppe noted that $112,000 remains a "crucial level" for Bitcoin. He stated on X that if this level is broken, a new all-time high is likely, but emphasized that any price below $112K could present "a great buying opportunity" for long-term investors.
Clear rejection at $112K for #Bitcoin.
That remains to be the crucial level for me.
If that breaks = new ATH.
Everything beneath $112K is a great buying opportunity.
— Michaël van de Poppe (@CryptoMichNL) November 4, 2025
Technical indicators suggest that the market may experience further weakness before stabilizing. On the daily chart, Bitcoin's Relative Strength Index (RSI) has fallen to 34.43, nearing oversold territory. The MACD remains deeply in negative territory, indicating widening bearish momentum. TradingView's summary panel shows a "strong sell" signal, with 16 indicators flashing sell and none signaling buy.
Ethereum Slips Below $3,500 as Momentum Weakens
Ethereum (ETH) has followed Bitcoin's downtrend, falling to $3,489 after a 5.7% loss in the past day and a 15% slide over the week. The daily RSI on the ETH/USDT chart dropped to 33.47, confirming oversold conditions. The MACD lines also remain bearish, reinforcing the probability of further downside before any significant rebound.
TradingView's technical summary indicates a bearish outlook for Ethereum, with 15 out of 26 major indicators pointing to sell signals, resulting in an overall daily rating of "strong sell." Both oscillators and moving averages show decisively negative short-term momentum.
Despite the current weakness, van de Poppe believes ETH is approaching a favorable accumulation range against Bitcoin. He noted that Ethereum is currently in an ideal area for buying opportunities on the BTC pair, suggesting potential long-term upside once selling pressure eases.
$ETH is currently moving in the ideal area for buying opportunities on the $BTC pair.
— Michaël van de Poppe (@CryptoMichNL) November 4, 2025
Altcoins Deep in the Red: Solana and XRP Extend Losses
Altcoins have been particularly affected by the market downturn. Solana (SOL) has fallen 8.7% in 24 hours and over 20% this week, trading near $159.8. XRP has dropped 6% to $2.25, marking a 15% weekly slide.
According to Coinglass's liquidation heatmap, Solana recorded over $155 million in liquidations in the past day, while XRP lost $32 million. This data highlights how leveraged long positions in high-beta altcoins have amplified the intensity of the selloff.
Market-Wide Fear Grows as Liquidations Pile Up
In total, more than $1.36 billion in crypto positions were liquidated in the past 24 hours, with $488 million of that occurring in the last 12 hours alone. The majority of these losses came from long traders, indicating that optimism from the recent rebound has quickly dissipated.
Bitcoin and Ethereum together account for nearly 60% of total daily liquidations, confirming that the current correction is primarily concentrated in the two largest digital assets.
Technical Indicators Turn Decisively Bearish
Across both BTC and ETH, daily oscillators and moving averages display "strong sell" readings. Momentum indicators like the RSI and MACD have turned sharply lower, and both assets are testing key support levels that could determine whether the broader correction continues or stabilizes.
For Bitcoin, holding above $100,000 is crucial to avoid triggering panic selling and additional liquidation cascades. Ethereum is at a critical juncture near $3,400, where a bounce could confirm a temporary bottom.
Outlook: Correction Deepens, Buyers Eye Accumulation Zones
The current downturn appears to be a continuation of the broader market correction that began after Bitcoin's failed attempt to reclaim the $112K resistance. With funding rates turning negative and sentiment indicators flashing extreme fear, analysts suggest that the market may need to reset before a meaningful rebound can occur.
Despite the bearish sentiment, some long-term traders view the current dip as an opportunity. As Michaël van de Poppe highlighted, previous market cycles have often included similar shakeouts before new uptrends resumed. The continuation of this pattern will depend on how Bitcoin and Ethereum perform around their respective psychological support levels in the coming days.