On November 5th, the crypto world went through another round of bloodbath.

Bitcoin has finally failed to hold the $100,000 mark — this psychological barrier, which has been in place since June, has been breached. It fell to a low of $98,944 in the early hours, dropping over 7% within 24 hours. Ethereum fared even worse, breaking below $3,100, hitting a low of $3,057, with a drop of over 13%. As for mainstream coins like BNB and SOL? Don't even mention it, each one has plummeted significantly.

Although there was a slight rebound later — BTC crawled back to around $10,1000, and ETH also took a breath back above $3,100, the market sentiment has already collapsed. Just look at the liquidation data: in the past 24 hours, the entire network had liquidations of $2.028 billion, of which longs contributed $1.628 billion and shorts only $399 million. What does this indicate? Those who chased the rise have been severely educated.

Think about it, it has only been a month since Bitcoin reached its all-time high, and the market has turned into this state. Especially after entering November, the cries of despair are incessant, and the theory of "the end of the bull market" is everywhere.

So the question arises: what factors are dragging down the market? Has this bull market really come to an abrupt end?

From a technical perspective, BTC has broken below the important support level of $100,000, which has indeed impacted market confidence in the short term. However, it may still be too early to say that the bull market has completely ended—after all, the volatility of the crypto market has always been like this, and pullbacks are part of a bull market. The key is to see whether it can stabilize at critical levels subsequently, and whether new catalysts will emerge.

However, one thing is certain: this wave of weak market conditions has led many people to reevaluate their positions and risk management.