Market Update: Bitcoin’s Sharp November Slide Fuels Investor Caution as Key Altcoins Test Crucial Support Zones

Bitcoin opened November on a volatile note, breaking below the closely watched $100,000 psychological level for the first time in months and triggering a broader market pullback. The sudden decline has been attributed to a combination of factors: continued outflows from spot ETFs after weeks of inflows, rising concerns around global liquidity conditions, and growing speculation about whether the market has already priced in much of the post-halving optimism. This shift in sentiment has spilled into Ethereum, Solana, and other majors, pushing several high-cap assets toward important technical support regions.

With investors assessing whether this marks the start of a deeper correction or a healthy retest in a still-intact macro uptrend, the charts offer a clearer picture of the road ahead.

Bitcoin (BTC): Sharp Breakdown Tests Multi-Month Support

Since late October, Bitcoin’s structure has deteriorated gradually, as repeated lower highs carved a tightening downward channel. This pattern ultimately resolved to the downside last week, sending BTC sharply into the $94,000–$97,000 demand zone, an area that provided major support in April and July.

Bearish Scenario:

The break below all key EMAs—20, 50, 100, and 200—reflects momentum firmly in favor of sellers. If BTC fails to reclaim the $100,000 level decisively, bears may attempt to push price toward $92,000, and below that, the next major liquidity pocket sits near $88,000. Continued ETF outflows or macro-driven risk-off sentiment could accelerate this move, especially if funding rates turn increasingly negative, signaling capitulation rather than orderly profit-taking.

Bullish Scenario:

However, the current demand zone has historically produced strong bounces, and Friday’s long lower wick suggests buyers are showing early signs of defending it again. A sustained hold above $94,000 could open the door for a recovery toward $102,000, followed by the mid-trendline resistance near $108,000–$110,000. Reclaiming the 200-day MA around $110,000 would be a powerful signal that the broader uptrend remains intact.

Ethereum (ETH): Sliding Toward a Structural Retest

ETH has mirrored Bitcoin’s weakness but remains more technically compressed. The asset has formed a clear descending trendline, repeatedly rejecting between $3,800 and $4,000. The breakdown beneath its 20-, 50-, and 100-day EMAs signals exhaustion among bulls, with price currently hovering just above the $3,100–$3,200 support band.

Bearish Scenario:

If sellers build momentum and push ETH below the 200-day MA—now sitting at $3,459—the next downside targets lie at $2,950 and potentially $2,750, where previous consolidation occurred earlier in the year. A failure to defend $3,100 would likely trigger a sharper correction, especially if Bitcoin remains suppressed below $100,000.

Bullish Scenario:

ETH still maintains a broader higher-low structure from the May rebound, meaning the bullish case is not completely invalidated. A bounce from current levels could see price retest the descending trendline near $3,600–$3,750. A breakout above that zone would shift momentum decisively back to buyers, opening the path toward $4,000–$4,250, where major resistance awaits.

Solana (SOL): Testing a High-Demand Zone as Downtrend Steepens

Among the major altcoins, Solana has entered one of the more technically significant regions on the chart. SOL has recently been confined within a sharply descending channel, creating a sequence of lower highs and lower lows. Price has now fallen into the $135–$150 accumulation zone, an area that acted as the foundation for previous rallies in both May and July.

Bearish Scenario:

SOL’s break below multiple EMAs—20 through 200—suggests weakening short- and medium-term strength. If sellers push price below the lower boundary around $135, the next supports emerge at $120 and $110, levels that coincide with the April consolidation range. A breakdown from the current channel would signal a structural shift that could take weeks to repair.

Bullish Scenario:

Despite the sharp decline, the zone SOL is currently trading in has historically generated significant buying activity. Defending $135–$150 could allow bulls to stage a recovery toward $160, followed by a retest of the channel’s upper trendline near $175–$185. A breakout above that trendline would be the first meaningful sign of trend reversal and renewed bullish sentiment.

Conclusion

Bitcoin’s loss of the $100,000 level has undoubtedly shaken market confidence, and the broader crypto landscape now finds itself at major technical crossroads. BTC, ETH, and SOL are all sitting on historically important demand zones, and how price behaves in these regions over the coming days may determine whether November’s sell-off becomes a deeper downturn or a temporary reset in an ongoing bull cycle.

Investors remain cautious, but as long as key support levels continue to hold, the market retains the potential for a recovery phase heading into the final stretch of the year.