Analyst: Bitcoin is at a "Key Turning Point," with Bottom Signs and Early Downside Signals Coexisting

November 5th. As per The Block, Bitcoin's November began in the continuation of the downward trend of Tuesday. This trend had already been affected during what K33 referred to as the "dreadful October." According to a new report released by K33, Bitcoin has dropped by 10% in the past week and has once again tested the $100,000 mark. This is the lowest point since June this year and the weakest 30-day performance against the Nasdaq index since July 2024, as stated by Research Director Vetle Lunde in the report. Lunde attributed this decline to restricted liquidity and fear-driven market sentiment. Especially after the historic deleveraging event on October 11th, when the largest liquidation of at least $20 billion in crypto assets occurred. He stated, "Fear-driven market sentiment, combined with significant sell-offs from long-term holders, further weakened the market as buyers remained cautious in the face of perceived heightened risks." Lunde also pointed out that Bitcoin is now at a "critical turning point," which is approximately 25 days away from the aforementioned event. The market faced further downward pressure after the latest FOMC meeting. Despite the Fed announcing a 25-basis-point rate cut, policy uncertainty (related to the US government shutdown) overshadowed the positive factors. Additionally, K33's derivatives market indicators show that the current market structure exhibits a mix of bottoming features and early downtrend characteristics.