At around 11:38 AM IST, Bitcoin was trading 1.51% higher over the past 24 hours, while Ethereum gained 2.03% to $3,387. Major altcoins, including BNB, XRP, Solana, Tron, and Cardano, were up over 4%, whereas Dogecoin and Hyperliquid slipped nearly 1%. The global crypto market cap rose 1.41% to $3.44 trillion, according to CoinMarketCap.
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The cryptocurrency tumbled as much as 7.4% on Tuesday, slipping below the $100,000 level for the first time since June and has now fallen over 20% from the record high it touched just a month ago.
Riya Sehgal, Research Analyst at Delta Exchange, says that the crypto market rebounded 1.77% in the past 24 hours, showing short-term relief despite a cautious broader trend ahead of key U.S. jobs data.
Bitcoin is struggling below $105,000, with resistance near $104,000–$105,000 limiting upside momentum, while Ethereum faces a similar hurdle around $3,500.
According to Sehgal, ETF inflows resumed on November 5 after five consecutive sessions of outflows, with Bitcoin ETFs recording $238.5 million in inflows and Ethereum ETFs attracting $28.1 million. However, both BTC and ETH remain below key moving averages, keeping the near-term outlook neutral to bearish, and a breakout above $105k for BTC and $3.6k for ETH would be needed to confirm a stronger recovery.Over the past week, Bitcoin declined 6.29%, while Ethereum fell 13.23%. Altcoins also faced heavy selling pressure, dropping over 16% during the same period.According to the CoinDCX Research Team, Bitcoin bulls are strongly defending the $100K mark, with prices recovering above $103K. However, weakening momentum could allow bears to cap the rally below key resistance levels. Meanwhile, major altcoins remain range-bound near their lows, reflecting market indecision.
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Market perspective
Vikram Subburaj, CEO, Giottus.com
Bitcoin continues to face pressure around the $100,000 level, with short-term holder losses mounting as selling from legacy wallets coincides with ongoing ETF outflows.
Macro conditions continue to lean risk-off. The US Fed’s hawkish stance and mixed US macro data have tempered risk appetite. Equity markets have seen modest rotation back into technology and financials. Liquidity indicators, including funding rates and open interest, remain compressed. This is reflective of a low-leverage environment. This phase typically precedes a period of base-building as volatility normalises and long-term holders begin to reaccumulate.
