Bitcoin and Ethereum slipped on Nov 6, extending a volatile week for the world’s two largest cryptocurrencies as traders weighed macroeconomic headwinds, profit-taking and shifting ETF flows.
Bitcoin hovered near US$101,500, down about 1.5%, after touching an intraday high of US$104,100 and a low of US$100,400. Ethereum, meanwhile, eased to around US$3,317, losing 2.5% on the day.
The moves come as sentiment in global markets remains risk-averse, with investors bracing for fresh US inflation data and possible signals from the Federal Reserve on future rate paths.
Analysts say Bitcoin is sitting at a crucial crossroads. The US$100,000 mark has emerged as a key support level, one that could determine whether the benchmark crypto stabilises or slips deeper into correction territory.
On-chain data, however, offers a glimmer of optimism. The MVRV ratio, a measure of market value versus realised value, suggests selling pressure may be nearing exhaustion, indicating a potential accumulation phase among long-term holders.
Still, persistent ETF outflows and a “risk-off” tone across global markets have capped upside momentum.
In the meantime, Ethereum is facing its own hurdles, trading near US$3,300 after a steady week of outflows from ETH-based exchange-traded funds.
Despite near-term weakness, some analysts believe the token may be nearing a pivot point. Technical indicators show Ethereum could rebound if it manages to reclaim US$3,500-US$3,600. A breakout above that range could pave the way toward US$4,000 by month-end.
Failure to hold current levels, however, could send the asset sliding toward the US$3,000 support zone.
Despite the pullback, institutional participation in crypto markets remains robust. A recent Reuters survey found that 55% of global hedge funds maintain some form of crypto exposure, mostly through derivatives or structured products, and plan to increase allocations over the next year.
That trend suggests the current weakness may reflect tactical repositioning rather than a long-term exodus.
Moving forward, market watchers say Bitcoin’s ability to defend the US$100,000 line will be key in shaping sentiment across the digital-asset complex. For Ethereum, sustained consolidation above US$3,300 could signal that the correction phase is nearing its end.
With US macro data and ETF flow reports due in the coming days, traders are bracing for another round of volatility.
