Bitcoin price tests $100k support as FIL, FET, ZEC lead altcoins with double digit gains

Bitcoin struggled to hold its footing at the $100,000 level today, briefly slipping below the six-figure mark as a combination of macroeconomic jitters and renewed selling pressure kept traders on edge. 

Despite previous attempts to rebound, the flagship asset continued testing its key support zone without a convincing bounce.

The broader crypto market mirrored the unease, with total capitalization dipping nearly 2% and hovering close to $3.4 trillion. 

Sentiment remained firmly in the red, as reflected by the Crypto Fear and Greed Index falling back towards multi-month lows at 24, in “extreme fear” territory.

Still, the day wasn’t without pockets of excitement. Several mid-cap altcoins managed to buck the trend, notching impressive gains on the back of project-specific developments and catalysts that stood out from the wider market gloom.

Why is Bitcoin going down?

Bitcoin’s traded within a $99,376.95 – $102,682 band over the past 24 hours, but price action has lacked intent. 

The attempted recoveries have looked feeble at best, following a week marked by relentless selling pressure, largely fed by institutional outflows and a gradual souring in investor sentiment. 

Even the recent $240 million in inflows to U.S. spot Bitcoin ETFs on November 7, which briefly ended a six-day streak of redemptions, wasn’t enough to hold Bitcoin above six figures for long.

In just the past week, spot Bitcoin ETFs saw more than $2 billion in pulled capital, turning what was once a solid accumulation trend into a slow, painful bleed. 

November is already in the red with $661 million in net outflows, a stark reversal from the $3.53 billion and $3.42 billion in net inflows recorded in October and September. 

But the weakness doesn’t stop at ETFs. Broader macro conditions are dragging crypto sentiment deeper into the red. High interest rates have stuck around longer than many expected, and that’s forced a wider retreat from risk assets.

High interest rates have stuck around longer than many expected, and that’s forced a broader retreat from risk assets.

The Nasdaq 100, S&P 500, and Dow Jones are all down more than 1% this week, with large-cap tech stocks taking the biggest hits. And when tech corrects, Bitcoin usually isn’t far behind.

October delivered a brutal round of corporate job cuts, the worst seen in over two decades, with major employers like Amazon, UPS, and Target all announcing layoffs. 

Another report showed that just 42,000 jobs were added in October after a loss of 32,000 in September. 

As such, rate cut expectations have shifted dramatically in response. 

Just a week ago, markets were pricing in a 95% chance of a Federal Reserve pivot. That number has since fallen to 65%, as investors begin to reassess whether easing is really on the horizon, or if the Fed might stay tighter for longer. 

Higher-for-longer means less fuel for speculative assets, and Bitcoin is usually one of the first to feel that tightening.

Geopolitical overhang hasn’t helped either. October’s 100% tariff move by the U.S. on select Chinese imports, along with renewed export controls, briefly reignited fears of a drawn-out trade war.

While both sides have made gestures to calm things since then, sentiment hasn’t fully recovered. Investors are still nervous, and nervous markets rarely reward volatility.

Adding the last nail in the coffin is Bitcoin’s repeated failure to convincingly hold above the psychological $100,000 level. 

Bitcoin price has slipped below this threshold on multiple occasions over the past week, each time with weaker follow-through from buyers. 

In the absence of a strong reclaim, the level risks losing its credibility as a psychological support, further reinforcing the broader downtrend.

Will Bitcoin price go up?

Right now Bitcoin price needs a convincing bounce from the support area to keep the bullish narrative intact. 

Losing the six-figure mark would likely deliver another blow to already fragile sentiment and make it harder for traders to maintain confidence in the current cycle.

To recover, Bitcoin would need a daily close above $106,000, according to market analyst Ted Pillows. 

BTC/USD 1-day price chart. Source: Ted Pillows on X.

The analyst also pointed out another concerning metric, the Coinbase Bitcoin premium, which remains deeply negative.

A negative premium typically signals weaker demand from U.S. investors, both retail and institutional, and suggests that confidence has yet to return in a meaningful way.

At the same time, CryptoQuant’s Bull Score Index has dropped to zero for the first time since January 2022.