Bitcoin Loses $100,000/BTC as Market Avoids Risk

Bitcoin continued to fall sharply and broke through the $100,000/BTC mark as a renewed risk-off sentiment and a tech stock sell-off worried Wall Street.

Illustration of Bitcoin cryptocurrency. Photo: REUTERS/TTXVN

The cryptocurrency fell as much as 3.8% to $98,071 per bitcoin on November 13, extending a decline that has wiped out more than $450 billion in value since early October. Supporters — including major hedge funds, exchange-traded funds (ETFs) and corporate finance funds — have pulled back, removing a key pillar of this year’s cryptocurrency rally and ushering in a new period of market volatility.

Analysts at market research firm 10X Research believe that the cryptocurrency market has officially entered a bear market. The firm cited weak ETF inflows, continued selling by long-term investors, and lackluster retail participation. The firm's models signaled this change in mid-October 2025 and indicate a deterioration in sentiment in the current period. According to 10X Research, bitcoin will face its next key support level at $93,000 per BTC.

While predicting a bottom is often uncertain, 10X Research looked at recent history to assess the risk. The bear markets in the summer of 2024 and early 2025 were both accompanied by price declines of 30-40%. Bitcoin is now down more than 20% from its 2025 peak, with few signs of a sustained recovery.

Meanwhile, Jake Ostrovskis, head of trading at investment brokerage Wintermute, said bitcoin has been under pressure from strong selling and corporate hedging.

The decline in cryptocurrencies comes amid renewed volatility in global financial markets. A brief rally in U.S. stocks earlier this week after the government reopened has faded. With key economic reports delayed, traders are assessing whether the Federal Reserve can make a compelling case for a rate cut at its December meeting. These concerns are weighing on growth assets like cryptocurrencies and tech stocks.

Still, bitcoin is up about 5% year-to-date in 2025, and more than 40% since the US presidential election in November 2024. But there’s no denying that the rally has slowed significantly, while institutional investor interest appears to be waning. In a note to clients, 10X Research asserted that the current situation is no longer a “bear market” but that bitcoin and most crypto-related assets are already in a bear market.

Source: https://baotintuc.vn/thi-truong-tien-te/bitcoin-mat-nguong-100000-usdbtc-khi-thi-truong-ne-tranh-rui-ro-20251114112353893.htm