Bitcoin fell below $100,000 two days ago.

November 3rd and 4th. For the first time since late June. I watched it happen, checking the charts every hour like it was somehow going to change if I looked at it differently. It didn't.

It hit a low of around $103,600 on November 4th. Right now, as I'm writing this on Thursday, November 6th, Bitcoin is trading around $101,000 to $104,000. Still below that $100K psychological level that everyone thought was solid support.

I don't know if I should be worried or if this is just normal. Like, is this a buying opportunity? Is this the start of something worse? November was supposed to be the good month, the month that saves us after October failed. Instead, we're barely a week in and already down.

And I'm writing this trying to figure out if the fear I'm feeling is rational or if I'm just panicking like everyone else.

What Actually Happened

Okay, let me work through the facts first. Maybe that'll help me understand.

Bitcoin was trading around $110,000 at the start of November. Then on November 3rd, it tumbled from around $108,000 to $105,000 within a single hour. Just... straight down. By early November 4th, it had fallen from $110,000 to under $105,000, eventually hitting that low around $103,600.

That's the lowest Bitcoin has been since late June. We're talking four months. And we're down about 17% from the all-time high of $126,000 we hit back in early October.

The liquidations were insane. Over $1.15 billion in leveraged crypto positions got wiped out between November 3rd and 4th. One point one five billion dollars. Gone. In less than 48 hours.

And it wasn't just Bitcoin. Ethereum dropped to around $3,500. Solana lost over 9%. Basically everything crashed together.

The scary part? About 90% of those liquidations were long positions. That means almost everyone was betting Bitcoin would go up. And they were all wrong at the same time.

The Fear Is Real
The Crypto Fear and Greed Index is sitting at "Extreme Fear" right now. The number is around 21 to 23, depending on which source you check. That's the lowest it's been since early 2024.

I've been reading Crypto Twitter and Reddit trying to get a sense of what people are thinking, and honestly? Everyone sounds scared. People are using words like "chaotic" and "frightening." There's talk about whether we're heading to $90,000 or even $85,000. Some analysts are warning Bitcoin could drop to $88,000 if selling pressure continues.

That's another 12-15% down from here. That would put us firmly in bear market territory, even deeper than we already are.

Bitcoin ETFs saw outflows. Like, big outflows. I'm seeing numbers around massive institutional money pulling out. That's not retail investors panic selling. That's the big players getting nervous.

Why Did This Happen?

I've been trying to piece together what triggered this, and it's... complicated. It's never just one thing with Bitcoin, is it?

First, there's the government shutdown. The U.S. government has been shut down for over a month now. That means no economic data. No employment numbers, no GDP reports, nothing. Everyone's flying blind trying to make decisions without information. That creates uncertainty, and Bitcoin hates uncertainty.

Second, Jerome Powell and the Fed. He already hinted that December's rate cut isn't guaranteed after doing the October cut. So markets were hoping for easier money, and Powell basically said "don't count on it." That made risk assets like Bitcoin less attractive.

Third, traditional markets are struggling. The stock market had its worst days since mid-October. The S&P 500 fell over 1%, the Nasdaq dropped 2%. When stocks crash, crypto usually follows because institutions are selling everything risky at once.

Fourth, there's this whole AI bubble concern. Banks are warning that the AI trade might be overvalued, and apparently a lot of institutional investors are in both AI stocks and crypto. So when they get nervous about AI, they sell crypto too. The correlation between crypto and tech stocks is "painfully clear" according to analysts.

And fifth, there was a massive exploit on a DeFi protocol called Balancer. Someone stole around $128.6 million, which sent shockwaves through the whole DeFi space and triggered even more panic selling.

Any one of these things alone would be bad. All of them happening at once? That's how you get $1.15 billion in liquidations.

But Wait, Isn't November Supposed to Be Good?
This is what's messing with my head the most.

I wrote about this a few days ago. November historically averages 40%+ gains for Bitcoin. It's supposed to be Bitcoin's best month. Even better than October, which already failed us.

So we're barely a week into November, and instead of pumping, Bitcoin is down another 5-10% from where we started the month. We came into November around $110,000, and now we're struggling to stay above $100,000.

If November is supposed to save us, it's off to a terrible start.

Some people are saying "it's only been a few days, give it time." And they're right, technically. There's still three weeks left in November. Bitcoin could absolutely rally from here. The historical data says it should.

But after watching Uptober completely fail, I don't know if I can trust historical patterns anymore. October worked for six straight years, then broke. What if November breaks too?

The Panic Selling Is Everywhere

Here's a stat that makes my stomach drop: more than 208,000 Bitcoin left exchanges in the last six months. That sounds bullish, right? Coins leaving exchanges usually means people are holding, not selling.

But here's the scary part: despite that happening, the price is still crashing. Which means the selling pressure from the coins still on exchanges is overwhelming.

Also, there are reports of individual traders losing millions. Some whale trader known as "0xc2a3" apparently lost over $17.6 million when they closed their positions. Another one called "Machi Big Brother" got fully liquidated and lost over $15 million.

These aren't small retail traders panic selling $500 worth of Bitcoin. These are big players with millions on the line, and they're all getting wrecked.

On the flip side, some people are making money. There's this "Anti-CZ Whale" who apparently profited over $36 million by shorting the market. So someone saw this coming and positioned for it.

I didn't see it coming. I thought November would bounce back.

What Are People Saying?

The crypto community is split right now between panic and defiance.

On Crypto Twitter and Reddit, there's a lot of FUD (Fear, Uncertainty, Doubt). People describing it as "nonstop selling" and questioning whether the market can recover. There's this acknowledgment that we're not in the era of easy 100x altcoin gains anymore. The market has matured, become more institutional, and with that comes more volatility tied to macro economic factors we can't control.

But there's also a segment of people saying "buy the dip." Long-term holders insisting this is just a correction before the next leg up. Anthony Pompliano posted something about rising national debt making Bitcoin more valuable long-term as an "opt-out from a broken system."

I don't know who's right. The panic sellers or the dip buyers. Maybe both? Maybe neither?

Technically Speaking (For What It's Worth)

I'm not a technical analysis expert, but I've been reading what the chart people are saying.

Bitcoin needs to hold above $105,000 to maintain any kind of bullish structure. If we close below that on a weekly basis, the next support level is around $98,000 to $100,000. That's another 5% down from where we are now.

On the upside, if Bitcoin can break back above $110,000 and hold it, that could restore some confidence and set up a move toward $115,000 or higher.

The RSI is oversold, which usually means a bounce is coming. The MACD is showing potential signs of recovery. But these same indicators were also showing bullish signals right before we crashed, so I don't know how much weight to put on them.

Some analysts are predicting Bitcoin could rally to $115,000 by early next week if momentum shifts. Others are warning we could see $88,000 if support breaks.

Basically, nobody knows. The charts can support both arguments.

Is This Different From Past Crashes?

I keep trying to compare this to other Bitcoin crashes to see if it helps me understand what's happening.

In October, Bitcoin crashed from $126,000 to $102,000 because of Trump's China tariff announcement. That was a $19-$20 billion liquidation event. The biggest ever at the time.

This November crash is "only" $1.15 billion in liquidations, so it's smaller. But it's also coming right after October, which means we haven't had time to recover. We're getting hit twice in a row.

In March 2020, Bitcoin crashed during COVID panic. But it recovered within months and went on to new highs. In November 2022, FTX collapsed and Bitcoin crashed. But it eventually recovered from that too.

So historically, Bitcoin has bounced back from crashes. The question is: how long does it take, and how much lower do we go first?

What I'm Actually Feeling Right Now

I'm going to be honest. I'm scared.

Not "sell everything and never touch crypto again" scared. But definitely "I don't know what's going to happen next and that's uncomfortable" scared.

Part of me wants to believe this is just a normal correction. Bitcoin went from $16,000 in late 2022 to $126,000 in October 2025. That's a massive run. A 20% pullback is actually pretty normal after a move like that.

But part of me is worried this is the start of something bigger. What if the bull market is over? What if we topped at $126,000 and now we're heading into a prolonged bear market? What if November doesn't save us and we spend the next six months grinding lower?

I keep refreshing the charts hoping to see green candles. Hoping to see Bitcoin reclaim $110,000 and prove that this was just a scare. But every time I check, it's still sitting around $101,000 to $104,000, barely holding on.

The Fear Index at "Extreme Fear" makes sense. Because that's exactly how I feel. Extreme fear.

So What Should Anyone Do?

This is the question everyone's asking right now. And I've been watching the debates play out everywhere.

Some people are saying "buy the dip." Bitcoin at $101,000 to $104,000 is about 18% below its all-time high. If it goes back to $126,000, that's a 22% gain. That seems like a good opportunity, right? But what if it goes to $90,000 first? Then buying at $101,000 to $104,000 looks like catching a falling knife.

Other people are saying "wait for confirmation." Don't buy until Bitcoin breaks back above $110,000 and shows it can hold that level. Be patient, let the bottom form, then get in. But what if this IS the bottom? What if Bitcoin rallies from here and waiting means buying back at higher prices?

And then there are the long-term holders saying "just ignore the noise." Don't try to time the bottom, don't panic sell, just zoom out and remember Bitcoin always recovers eventually. The fundamentals haven't changed. But that's easier said than done when you're watching the Fear Index hit Extreme Fear and liquidations pile up.

I'm not in a position to buy right now, so for me this is just... watching. Trying to learn. Trying to understand market psychology by watching how people react to fear. And honestly? The fear feels very real. It's not just panic. There are legitimate concerns about the macro environment, about whether November will actually deliver, about whether we've topped.

I genuinely don't know what the right move is for anyone. And that's what makes this so difficult - there might not BE a right move. Maybe every choice carries risk, and you just have to decide which risk you're most comfortable with.

What I Think Is Happening (Maybe)

Here's my best guess, and I fully acknowledge I could be completely wrong.

I think the market overextended in October. We hit $126,000 too fast, got too much leverage in the system, and when the tariff news hit, it triggered a massive deleveraging. That was the October crash.

Now in November, we're still dealing with the aftermath. People are still scared. Institutions are still cautious. The government shutdown means no one has good economic data to make confident decisions.

Bitcoin dropping below $100,000 broke a psychological support level, which triggered more panic selling and more liquidations. Now we're in this feedback loop where fear causes selling, which causes more fear, which causes more selling.

But here's the thing: the fundamentals haven't changed. Bitcoin's supply is still limited. Adoption is still growing. ETFs exist now, which wasn't true in previous cycles. Long-term holders are still accumulating, based on the exchange outflow data.

So maybe this is just a brutal correction before the next leg up. Maybe we need to flush out all the leveraged traders and weak hands before Bitcoin can sustainably move higher.

Or maybe I'm being too optimistic. Maybe the macro environment is just too difficult right now. Government shutdown, Fed uncertainty, stock market weakness, AI bubble concerns. Maybe there's too much going against Bitcoin for it to rally right now.

I don't know. I'm literally writing this trying to convince myself one way or the other, and I still can't decide.

Where Do We Go From Here?

It's Thursday, November 6th. Bitcoin is around $101,000 to $104,000, still below $100,000 in some moments. The Fear Index is at Extreme Fear. November is supposed to be the good month, and so far it's not.

Some analysts are predicting Bitcoin hits $115,000 by next week if momentum shifts. Others are warning we could see $85,000 to $88,000 if selling continues. Michael Saylor still thinks we hit $150,000 by end of year, but that's looking less realistic every day.

I don't know who's right. I don't know if this is the dip to buy or the start of a deeper correction. I don't know if November will save us or disappoint us like October did.

What I do know is that Bitcoin breaking below $100,000 is significant. It's a psychological level that mattered. And watching over $1 billion get liquidated in two days is not normal "healthy correction" behavior.

I'm trying not to panic. I'm trying to think long-term. I'm trying to remember that Bitcoin has crashed before and recovered. But it's hard when you're in the middle of it and the Fear Index is telling you to be afraid and every chart analyst has a different prediction.

What are you doing? Are you buying this dip? Are you selling and waiting for lower? Are you just holding and trying not to look at the charts? Let me know because I'm genuinely trying to figure out if this fear I'm feeling is wisdom or if I'm just falling for the FUD.

I don't have the answer. I'm just another person watching Bitcoin struggle below $100,000 and trying to decide what happens next.

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📝 Written by Crypto Hustle NG – your trusted guide to understanding crypto and blockchain technology. I help beginners navigate the digital asset world with clear, honest, and practical advice.