Most Bitcoin holders woke up to disappointing news this morning as the leading cryptocurrency retreated below the $103,000 mark. After briefly topping $107,000 overnight on November 12, 2025, Bitcoin tumbled to $102,947 during U.S. trading hours, recording a 3.52% decrease in just 24 hours. So much for that new all-time high celebration.
The U.S. Senate finally approved legislation to reopen the government after the longest shutdown in history. Big deal. The relief rally that followed proved embarrassingly short-lived in crypto markets. Turns out, reopening the government isn’t enough to convince traders to ignore technical weakness and stop taking profits.
Bitcoin’s established trading range between $100,000 and $110,000 is holding for now, but barely. Analysts point to $110,800 as the key resistance level Bitcoin couldn’t crack, while $103,000 has been functioning as critical support. The 50-week simple moving average near $103K is getting tested. Hard.
Bitcoin’s key support at $103K looks increasingly fragile as the price tests the critical 50-week moving average.
The failure to break through $107,000 triggered a cascade of liquidations. Leveraged positions got absolutely wrecked. Whale activity didn’t help either, with approximately $45 billion in Bitcoin offloaded since October. Talk about heavy bags.
The broader crypto market took a beating too. Ethereum dropped 4.7% to $3,434. Solana? Down a whopping 8.85% to $154.76. XRP fell 5.3% to $2.40. Not pretty.
External factors are piling on. Soft jobs data, SoftBank dumping its entire Nvidia stake, and the cooling AI infrastructure theme all contributed to negative sentiment. Despite the current volatility, Bitcoin’s market dominance of approximately 62.7% continues to reflect its status as the blue-chip cryptocurrency. Trump’s proposed $2,000 tariff dividend for Americans is being closely watched by traders for its potential to inject liquidity similar to 2020 stimulus. Crypto mining stocks WULF, HUT, BTDR, and CLSK all tumbled. CleanSpark was hit particularly hard with an 8% price drop.
The Fed’s December policy decision looms large.
Morgan Stanley strategists are warning we’ve entered the “fall season” in Bitcoin’s four-year cycle. They’re pointing to those 365-day bear cycles that tend to reduce money flow into crypto.
Next critical support? $100,000. Better buckle up – this rollercoaster isn’t over yet.
