#加密市场观察 #BTC走势分析 #ETH走势分析
Bitcoin fell below $100,000 on November 14, 2025, hitting a low of $98,071, marking a confirmed bear market.
### 📌 Background
Recently, Bitcoin has continued to retreat from its high, oscillating around $102,000 on November 13, with bulls unable to hold the $105,000 resistance zone. Market sentiment has become cautious, with significant fluctuations in trading volume.
### 🔍 Pullback Details
- Price Trend: On November 14, Bitcoin fell by 3.8%, breaking below the psychological threshold of $100,000, with a low of $98,071.
- Trigger Factors:
- Institutional investors are withdrawing, with continuous net outflows from spot ETF funds, amounting to over $1.5 billion in the past 7 days.
- Long-term holders (“whales”) are selling, with one whale who held Bitcoin for 15 years cashing out approximately $1.5 billion.
- Global risk aversion has increased, with tech stocks dragging down risk assets.
- Market Reaction:
- The number of liquidations across the network reached about 150,000, with a liquidation amount exceeding $1.1 billion, mainly due to leveraged long positions.
- Mainstream coins such as Ethereum followed suit, with a decline of over 6%.
- The derivatives market saw a surge in bearish options trading, indicating a rise in demand for downside protection.
