Both major cryptocurrencies face strong selling pressure as key supports are tested, reviving fears of another market-wide correction.
The cryptocurrency market turned sharply lower this week, with Bitcoin (BTC) dropping to nearly $105,000 and Ethereum (ETH) falling below the $3,600 mark. The decline mirrors October’s late-month volatility, raising concerns among traders about whether the digital asset market is entering a deeper retracement phase.
Bitcoin’s price action shows a clear breakdown inside a descending channel, with price slipping below mid-range support near $108,000. Analysts note that the loss of momentum above the $110,000 resistance zone triggered a wave of liquidations in leveraged long positions.
“The market is at a crossroads — if Bitcoin fails to reclaim the $108,500 zone, we could see a revisit toward the $102,000 demand area,” said one BitXJournal market analyst. He added that “volume spikes near local lows suggest large players are accumulating, but sentiment remains fragile.”
Ethereum, meanwhile, has lost its grip on a critical ascending trendline, which had supported its rally since April. The price dipped as low as $3,565, marking a 7.6% daily loss and slipping below its recent structure high near $3,700. Technical charts highlight potential demand zones between $3,300 and $3,250, where buyers previously stepped in.
BitXJournal commented that “Ethereum’s short-term outlook hinges on whether it can hold above the mid-range. A sustained break below $3,500 could accelerate losses toward $3,200.”
With Bitcoin testing the $105,000–$102,000 zone and Ethereum fighting to stay above $3,500, the broader market appears to be consolidating under heavy selling pressure. The overall crypto sentiment has turned cautious, and traders are closely watching whether these assets can defend key support levels or if another correction looms before year-end.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.