Crypto Market Consolidation Sees Bitcoin Price Drop Under $105,000 as Market Liquidations Cross $1.1 Billion

Bitcoin's price hovered near the $104,800 (roughly Rs. 92.9 lakh) mark on Tuesday as heavy selling pressure persisted across the crypto market. Investors reacted to a global liquidity squeeze, with liquidations surpassing $1.1 billion (roughly Rs. 9,74 crore) in the past 24 hours. The broader crypto market capitalisation stood around $3.54 trillion (roughly Rs. 3,13,34,000 crore), as per CoinMarketCap. Ethereum (ETH) followed a similar pattern and is down by 5.6 percent at $3,500 (roughly Rs. 3.1 lakh). According to the Gadgets 360 price tracker, Bitcoin trades at around Rs. 92.9 lakh in the country, while Ethereum is priced near Rs. 3.1 lakh.

Altcoin Prices Drop Sharply as Traders Reassess Market Risk

The broader altcoin market remained deep in the red as risk aversion spread across digital assets. Binance Coin (BNB) dropped 7.9 percent to $956 (roughly Rs. 84,760), while Solana (SOL) slid 9.8 percent to $159.52 (roughly Rs. 14,130). Dogecoin (DOGE) declined 6.1 percent to $0.16 (roughly Rs. 14.5), and XRP was down 6.2 percent at $2.28 (roughly Rs. 202) over the last 24 hours.

According to Edul Patel, CEO of Mudrex, the current move reflects a consolidation phase following the US Fed's hawkish tone. “ This, combined with the absence of key US economic data releases, increased the uncertainty in the market, leading to profit booking across the board. However, Strategy bought 397 BTC for $45.6 million (roughly Rs. 4,04 crore), indicating strong institutional appetite even at these levels. For now, BTC's key resistance lies at $108,800 (roughly Rs. 96.4 lakh), while support stands at $104,400 (roughly Rs. 92.5 lakh).”

Riya Sehgal, Research Analyst at Delta Exchange, said the latest pullback underlines persistent downside risk. “Technically, Bitcoin falling below its 200-day EMA signals continued downside risk unless it reclaims $109,500–$110,000 (roughly Rs. 97.1 lakh–Rs. 97.5 lakh). [...] Despite short-term weakness, November remains historically strong for Bitcoin. Renewed US government spending, corporate buybacks, and potential US Fed liquidity could spark a rebound later in the month.”

Adding a broader market view, Avinash Shekhar, Co-Founder & CEO, Pi42, said this phase marks a reset rather than a breakdown. “The recent correction across major cryptocurrencies reflects the fragility that still exists in a highly leveraged market [...] We view this as a defining phase rather than a cause for panic. For long-term institutional and sophisticated investors, the focus should remain on the fundamentals such as token utility, network strength, regulatory progress, and on-chain activity. The traders who suffered the most were those with excessive leverage and limited risk buffers.”

The overall sentiment remains cautious as traders navigate macro headwinds and await further policy clarity. Analysts expect heightened volatility in the days ahead as investors reposition portfolios ahead of upcoming US economic data and global market cues.