Can Bitcoin Get a Bullish November?

Bitcoin began November under pressure after closing its worst October in ten years, slipping below $105,000 earlier on Tuesday as a sell-off in the majors deepened following last week’s Federal Reserve decision.

BTC is down 2.8% in the last 24 hours, while ether is down 6% to around $3,630. Solana pared losses with a 10% slide to below $160, extending its seven-day slide to more than 20%. BNB lost 6.4% and XRP shed 5%, while DOGE$0.1646 and Cardano’s ADA fell about 6% each.

The broad decline has wiped another $100 billion from the total capitalization of the cryptocurrency market, which is now approaching $3.6 trillion.

“The crypto market is trying to break its local bottom,” said Alex Kuptsikevich, market analyst at FxPro. “Bitcoin’s repeated tests of its 200-day moving average suggest fragile support, and a deeper retracement cannot be ruled out. However, if the structure reflects the April pattern, buyers could soon find a foothold for another upward movement.”

October’s 4.5% decline broke Bitcoin’s long streak of positive “Uptober” finishes and underscored how much macro caution has returned. The Federal Reserve’s 25 basis point cut last week was widely expected, but Chairman Jerome Powell’s dovish tone dampened risk appetite after hinting that a December cut is not guaranteed.

“Bitcoin’s first red October in seven years certainly drew attention, but I see it more as a healthy reset than a structural reversal,” said Rachel Lin, CEO of SynFutures. “The current pullback feels more like consolidation in a broader trend. Long-term holders are still accumulating, and ETF flows remain steady.”

Fed data showed a $29.4 billion repo operation on Monday — the largest since 2020 — injecting short-term liquidity into the U.S. banking system and helping stabilize broader risk sentiment. Although not a return to quantitative easing, the move signaled that policymakers remain wary of liquidity stress.

Historically, November has It has been one of Bitcoin’s strongest monthswith gains in nine of the last 12 years. Whether that trend is seasonal may depend on how quickly traders regain conviction — and whether the Fed’s “soft pivot” narrative translates into renewed capital flows for crypto.

The drawdown reflects broader risk aversion among stocks and commodities as investors reevaluate the Fed’s cautious message and ongoing geopolitical uncertainty.

Meanwhile, futures tied to the S&P 500 traded lower on Tuesday as gold continued its retreat from record highs near $4,400, erasing part of last month’s paradise-led rally. Treasury yields, meanwhile, stabilized after a brief dip in the Fed’s liquidity injection.

Thin weekend order books and aggressive unwinding of leveraged longs amplified any negative moves, with more than $1.2 billion in liquidations recorded in the past 48 hours. Funding rates have normalized, but the positioning remains defensive.