The crypto market is facing another wave of heavy selling pressure, extending its downturn for a second consecutive day.
Bitcoin, Ethereum, Solana, and XRP all remain in the red, with global crypto market capitalization slipping to $3.45 trillion, a 3.75% decline over the past 24 hours.
According to Coinglass data, over $1.36 billion worth of leveraged positions have been liquidated in the last day alone, affecting more than 329,000 traders. Most of the liquidations stemmed from long positions – roughly $1.22 billion – suggesting over-leveraged bullish traders were once again caught off-guard by sudden price reversals.
Bitcoin Struggles to Hold $104K as Rejection at $112K Proves Critical
Bitcoin (BTC) has dropped to around $103,700, down 2.6% in the past 24 hours and nearly 9.3% over the week. The leading cryptocurrency failed to break above the $112,000 resistance zone, triggering a new wave of selling.
Prominent analyst Michaël van de Poppe pointed out that $112,000 remains a “crucial level” for Bitcoin. “If that breaks, we’ll likely see a new all-time high,” he said on X, but emphasized that any level below $112K could offer “a great buying opportunity” for long-term investors.
Clear rejection at $112K for #Bitcoin.
That remains to be the crucial level for me.
If that breaks = new ATH.
Everything beneath $112K is a great buying opportunity. pic.twitter.com/vlUMZuwFOS
— Michaël van de Poppe (@CryptoMichNL) November 4, 2025
However, technical indicators suggest the market could see further weakness before stabilizing. On the daily chart, Bitcoin’s Relative Strength Index (RSI) has fallen to 34.43, nearing oversold territory. The MACD remains deep in negative territory, showing widening bearish momentum, while both oscillators and moving averages on TradingView’s summary panel show a “strong sell” signal – with 16 indicators flashing sell and none signaling buy.
Ethereum Slips Below $3,500 as Momentum Weakens
Ethereum (ETH) has mirrored Bitcoin’s downtrend, sliding to $3,489 after losing 5.7% in the past day and 15% over the week. On the ETH/USDT chart, daily RSI dropped to 33.47, confirming oversold conditions. The MACD lines also remain deeply bearish, reinforcing the probability of further downside before any significant rebound.
TradingView’s technical summary paints a grim picture: 15 out of 26 major indicators point to sell signals, marking Ethereum’s overall daily rating as “strong sell.” Oscillators and moving averages both show near-identical readings, implying that short-term momentum is decisively negative.
Despite the weakness, van de Poppe believes ETH is approaching a favorable accumulation range versus Bitcoin. “Ethereum is currently moving in the ideal area for buying opportunities on the BTC pair,” he noted, suggesting potential long-term upside once selling pressure eases.
$ETH is currently moving in the ideal area for buying opportunities on the $BTC pair. pic.twitter.com/djvNEFAH6k
— Michaël van de Poppe (@CryptoMichNL) November 4, 2025
Altcoins Deep in the Red: Solana and XRP Extend Losses
The downturn has hit altcoins particularly hard. Solana (SOL) has fallen 8.7% in 24 hours and over 20% this week, trading near $159.8. Meanwhile, XRP dropped 6% to $2.25, marking a 15% weekly slide.
Solana recorded over $155 million in liquidations in the past day, while XRP lost $32 million, according to the Coinglass liquidation heatmap. The data underscores how leveraged longs in high-beta altcoins have amplified the selloff’s intensity.
Market-Wide Fear Grows as Liquidations Pile Up
In total, more than $1.36 billion in crypto positions were liquidated in the past 24 hours – $488 million in the last 12 hours alone. The bulk of these losses stemmed from long traders, showing that optimism from the recent rebound has quickly evaporated.
Bitcoin and Ethereum together account for nearly 60% of total daily liquidations, confirming that the correction is primarily concentrated in the two largest digital assets.
Technical Indicators Turn Decisively Bearish
Across both BTC and ETH, daily oscillators and moving averages display “strong sell” readings. Momentum indicators such as the RSI and MACD have turned sharply lower, and both assets are testing key support levels that could determine whether the broader correction continues or stabilizes.
For Bitcoin, holding above $100,000 remains vital to avoid triggering panic selling and additional liquidation cascades. Ethereum, on the other hand, is now at a crucial juncture near $3,400, where a bounce could confirm a temporary bottom.
Outlook: Correction Deepens, Buyers Eye Accumulation Zones
The current downturn appears to be a continuation of the broader market correction that began after Bitcoin’s failed attempt to reclaim the $112K resistance. With funding rates turning negative and sentiment indicators flashing extreme fear, analysts suggest that the market may need to reset before any meaningful rebound.
Still, some long-term traders view the dip as an opportunity. As van de Poppe highlighted, previous market cycles have often seen similar shakeouts before new uptrends resumed. Whether this pattern repeats will depend on how Bitcoin and Ethereum behave around their respective psychological support levels in the coming days.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.