Bitcoin began November under pressure after its worst October in a decade, dropping below $105,000 early Tuesday as major players deepened their sell-off following last week’s Federal Reserve decision.
BTC has fallen 2.8% in the past 24 hours, while Ethereum has fallen 6% to around $3,630. Solana led the losses, falling 10% to below $160, extending its seven-day decline to more than 20%. BNB fell 6.4% and XRP fell 5%. and Cardano’s ADA each fell about 6%.
The widespread decline has further reduced the market capitalization of cryptocurrencies by $100 billion and now hovers at nearly $3.6 trillion.
“The crypto market is about to break out of its depths,” said Alex Kupczykevich, chief market analyst at FxPro. “Bitcoin’s repeated testing of the 200-day moving average suggests that support is fragile, and a deeper retracement cannot be ruled out. Still, if the structure mirrors April’s pattern, buyers could find a foothold on further upside soon.”
October’s 4.5% decline broke Bitcoin’s long streak of gains and highlighted how macro caution is returning. The Federal Reserve’s 25 basis point (bp) rate cut last week was widely expected, but Chairman Powell’s subdued tone, which suggested a December rate cut was not guaranteed, dampened risk appetite.
“Bitcoin’s first Red October in seven years certainly garnered attention, but I view it as more of a healthy reset than a structural reversal,” said Rachel Lin, CEO of SynFutures. “The current pullback feels like a consolidation within a broader uptrend. Long-term holders are still accumulating and ETF flows remain stable.”
A $29.4 billion repo operation took place on Monday, the largest since 2020, injecting short-term liquidity into the U.S. banking system and helping to stabilize broad risk sentiment, according to Federal Reserve data. Although not a return to quantitative easing, the move signaled that policymakers remained vigilant about liquidity stress.
Historically, November has been one of the strongest months for Bitcoin, rising in nine of the past 12 years. Whether this seasonal trend holds may depend on how quickly traders regain confidence and whether the Fed’s “soft pivot” narrative leads to new capital flows into cryptocurrencies.
The drawdown reflects widespread risk aversion across stocks and commodities as investors reassess the Fed’s cautious message and ongoing geopolitical uncertainty.
Meanwhile, S&P 500 index futures fell on Tuesday, and gold continued to slide from its all-time high near $4,400, erasing some of last month’s haven-driven rally. Meanwhile, U.S. Treasury yields stabilized after briefly declining due to the Fed’s liquidity injection.
A thin weekend order backlog and aggressive unwinding of leveraged longs amplified each downside move, with more than $1.2 billion liquidated in the past 48 hours. Funding rates have normalized, but positioning remains defensive.