Bitunix Analyst: Bitcoin Plunge to $96,000, Market Enters New Bear Phase; Key Support Level Tested at $93,000

According to Mars Finance, on November 14th, the cryptocurrency market experienced a new round of sell-offs, with Bitcoin falling below the psychological threshold of $100,000, hitting a low of $96,600, a new low since May. With the sharp decline in US tech stocks and a renewed rise in risk aversion, large funds, ETF allocations, and corporate buying that previously supported the market have all withdrawn, rapidly weakening the market structure. 10x Research confirmed that the market has entered a bear market phase, pointing to weakening ETF inflows, accelerated selling by long-term holders, and low retail participation as the main reasons. From a technical perspective, after BTC broke below the monthly midline of $100,266, the price is accelerating its retracement to test the lower liquidity zone. Short-term support is located in the $93,000 to $95,000 range; if this level is broken, the next liquidity gap may shift down to around $89,600. Resistance levels are at $100,200 and $107,300. Market liquidity is moving along a downward slope, and there are no signs of a bottom in the short term. Bitunix analysts believe this pullback, accompanied by rapid leverage clearing, institutional exits, and a cooling of market sentiment, is a structural repricing rather than a simple technical correction. Bearish sentiment has strengthened in both fundamentals and the derivatives market, and funds will prioritize seeking safer liquidity levels. Only if the $93,000 support level holds can the market potentially enter a bottoming phase; otherwise, the risk of a further decline into deeper liquidity zones should be anticipated.