Analyst: $100,000 is the next key support level for Bitcoin, and a further drop could trigger more selling pressure and exacerbate market volatility

On November 12th, as reported by The Block, Vincent Liu, the Chief Investment Officer of Kronos Research, said: "The decline of Bitcoin was mainly attributed to profit-taking and a large number of long liquidations following the failure to reclaim the $107,000 resistance level." He pointed out that the brief rebound of Bitcoin was driven by the U.S. Senate's passage of the government funding bill, which boosted market risk appetite. However, this was not sufficient to offset the pressure of profit-taking, leverage liquidations, and ongoing technical weaknesses. Vincent Liu stated: "The rebound fueled by macro tailwinds quickly dissipated." He noted that $100,000 is the next key psychological support level, and "further downside could trigger more selling pressure and intensify market volatility."