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On Tuesday, November 4, Bitcoin (BTC) briefly slipped under the US$100,000 mark. It dropped to around US$96,794 before slightly recovering, marking its first drop under six figures since June 2025. This arrived mere days after Bitcoin climbed past US$115,000, driven by optimism surrounding potential Federal Reserve rate cuts, as well as increased institutional positioning. The sudden reversal reflects profit-taking after the late-October surge, also paired with a wider pullback across risk assets as traders are recalibrating interest-rate expectations and macro sentiment.
The drop hasn’t done much to slow down everyday activity across the crypto sector. Bitcoin and other assets continue to move through payments, Web3 gaming, and entertainment platforms. A notable use case is crypto casinos, where users playing from the Australia area, the United States, the UK, and beyond all benefit from rapid settlement, wallet-to-wallet payouts, and low-friction onboarding. These sit alongside other steady-use cases such as international freelance payments and cross-border e-commerce, all of which remain active regardless of short-term market swings.
Several analysts tie the pullback to shifting expectations on monetary policy. After weeks of speculation that the Federal Reserve could begin cutting rates sooner rather than later, futures markets began pricing in a slower and more cautious approach, cooling the narrative that had helped propel Bitcoin to fresh highs. As equities also retreated and the U.S. dollar strengthened, traders reduced leverage and unwound long positions, pushing BTC below the psychological six-figure threshold before bargain buyers stepped in.
Data shows more than US$550 million in leveraged crypto positions were liquidated in 24 hours, with Bitcoin accounting for a large share of the wipeouts. That mirrors previous drawdowns in 2021, 2022, and mid-2024, when fast liquidations amplified downward price momentum before eventually stabilizing. Ethereum, Solana, and several other large-cap altcoins also posted double-digit intraday losses.
Even so, the broader narrative around institutional involvement has not reversed. Asset-management flows remain positive every month, and several pending ETF-related filings in Asia and the U.S. continue to generate long-term interest. On-chain data also suggests that long-term holders (wallets that have not moved BTC in more than 155 days) have not meaningfully sold into the dip, a sign that the latest move is being driven primarily by short-term traders rather than structural holders.
Market strategists say the next key level to watch is whether Bitcoin can continue to reclaim and hold the US$100,000–US$103,000 band. This is an area that previously acted as support during the late-summer rally. A sustained break back above that zone would very likely change sentiment again, while a deeper slide could end up opening the door to further corrective pressure. Either outcome, though, would be consistent with historical Bitcoin cycles, where new highs are often followed by abrupt retracements before longer-term trends carry on.
For now, there is a familiar pattern being reinforced. Bitcoin can move sharply in either direction in a short period, even when development and real-world activity continue in the background. The latest dip may well prove to be a brief reset. However, the fact that BTC has already bounced back above the six-figure mark again shows that the market is still more than willing to defend key levels, even when it is faced with rapidly shifting macro sentiment.
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