The broader cryptocurrency market extended losses on Tuesday as investors shied away from risk assets, with Bitcoin (BTC) and other major tokens retreating amid renewed market caution.
At the time of writing, Bitcoin has dropped 2.7% to around $103,000, down from this week’s high of $107,060. Ethereum (ETH) fell 2.6% to $3,400, while XRP (XRP) slumped over 5% to $2.42. Other notable decliners included Solana (SOL), Dogecoin (DOGE), and Binance Coin (BNB).
Fear-driven sentiment weighs on crypto
Investor sentiment remains fragile following last month’s sharp market liquidations. The Crypto Fear and Greed Index continues to linger in the “fear” zone at 31, reflecting subdued risk appetite.
This cautious tone is also evident in the futures market, where total open interest fell 1.16% over the past 24 hours to $144 billion—well below the $250 billion peak seen last month. The decline suggests that traders remain on the sidelines and are reluctant to take on large speculative positions.
| Crypto | Price | 24-hour change |
|---|---|---|
| Bitcoin (BTC) | $103,000 | -2.7% |
| Ethereum (ETH) | $3,400 | -2.6% |
| Solana (SOL) | $158 | -5.4% |
| XRP (XRP) | $2.42 | -5.3% |
| Dogecoin (DOGE) | $0.1751 | -2.8% |
| Binance Coin (BNB) | $964 | -2.2% |
Broader risk-off tone hits both stocks and crypto
The sell-off in crypto mirrors weakness in global equity markets. The tech-heavy Nasdaq 100 Index fell by 200 points, while the S&P 500 slipped 20 points, as risk appetite deteriorated.
The decline was led by losses in Nvidia, whose shares plunged nearly 4% after SoftBank sold part of its stake. Other AI-related stocks also came under heavy pressure, with CoreWeave down 14%, while a basket of “Magnificent Seven” tech giants fell over 1%.
Given their high-risk profile, digital assets often move in tandem with equity markets during bouts of risk aversion.
Technical signals point to further downside
From a technical standpoint, Bitcoin’s recent price action suggests the potential for further weakness. The cryptocurrency has formed a double-top pattern near $124,433, with a neckline at $107,060—its August low.
Additionally, a “death cross” has appeared on the charts, as the 50-day Weighted Moving Average (WMA) crossed below the 200-day WMA, indicating a bearish trend shift.
If downside momentum accelerates, BTC could extend its decline below the key $100,000 psychological level, which would likely pressure the broader market.
Analyst view: market entering a stabilization phase
According to Jasper De Maere of Wintermute, the crypto market has entered a “stabilization phase” characterized by cautious sentiment rather than renewed optimism. In a November 10 report, he described the current environment as a “turning phase,” noting that while structural conditions have improved and macro fundamentals are supportive, traders remain hesitant.
De Maere added that a sustained altcoin rally is unlikely unless Bitcoin leads the way. Despite a favorable macro backdrop, crypto assets have underperformed other risk markets in recent weeks. Mid-cap tokens have shown relative strength, gaining 14.8%, while sectors such as DePIN projects have outpaced lagging layer-1 networks, gaming tokens, and memecoins.
