Bitcoin extended its slide below $104,000, deepening a multi-week decline as market sentiment remains weak across global markets. Major altcoins mirrored the drop, with Ethereum, BNB, Solana and others posting losses between 4% and 8%, while a handful of privacy-focused coins stood out with gains. Despite the downturn, long-term on-chain trends and institutional interest suggest a healthier foundation for the next phase of the cycle.
Bitcoin’s rough start to November continued after the asset slipped to $103,890 (-3.26%) in the past 24 hours. The latest pullback takes BTC nearly 17% below its early-October peak. Selling pressure intensified after another wave of liquidations and lighter institutional inflows, although analysts argue this reset may support a more durable rally later in the month. Some traders are now eyeing the psychological $100,000 region as a potential springboard if tested.
Most major altcoins traded lower as well. Ethereum at $3,494 (-5.64%), BNB at $954 (-5.93%) and Solana at $160.67 (-8.17%) led the declines among top assets. Cardano, Dogecoin, Tron, Hyperliquid, Chainlink and Bitcoin Cash also recorded daily losses between 4% and 6%. The entire sector’s market capitalization stands at $3.45T after another day of net outflows.
Market Movers and Standout Performers
The downturn was not uniform. Privacy-centric assets showed resilience and attracted renewed interest, as traders sought alternatives with stronger decentralization traits. Dash, Decred and Zcash drew attention with double-digit gains in recent sessions, contrasting with the broader decline. Rising demand for self-custody and censorship-resistant solutions helped these tokens outperform. Daily trading volume increased to $223B, hinting at growing participation rather than a collapse in activity.
Investor sentiment cooled, with the Fear and Greed Index at 27, a level often associated with fear-driven decisions. Historically, such readings have preceded accumulation phases from patient buyers. On-chain data still shows Bitcoin leaving exchanges, which is typically viewed as long-term holders preparing for future appreciation rather than near-term selling.
Reasons for Optimism Among Long-Term Holders
Analysts maintain that this phase resembles a consolidation at higher levels rather than a structural breakdown. Excess leverage from October’s rally has now been removed, leaving a cleaner setup. Institutional adoption continues to progress, supported by new financial products and ongoing corporate BTC accumulation. If the Federal Reserve signals a softer stance on rates later this month, risk assets like Bitcoin could regain momentum.
While volatility remains elevated, many seasoned investors see this period as a buying opportunity rather than a moment to exit.
The information presented in this article is for informational purposes only and should not be interpreted as investment advice. The cryptocurrency market is highly volatile and may involve significant risks. We recommend conducting your own analysis.