📉 Bitcoin Starts the Week with a Pullback — Key $110K Level Lost

The first Monday of November opened with selling pressure across the crypto market as Bitcoin slipped below a key psychological level. After testing $111,000 over the weekend, the leading cryptocurrency fell to around $107,900, sparking a broader market correction and erasing many of the gains altcoins recorded in previous weeks.

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⚠️ Below the $110K Threshold: A Technical and Psychological Signal

Market watchers have long highlighted $110,000 as a crucial short-term support zone for Bitcoin. According to on-chain data, the average short-term holder cost basis currently lies between $105,000 and $110,000, while spot Bitcoin ETF cost averages are clustered in the $105K–$115K range.

This convergence of cost zones reinforces the importance of the $110K area as a structural pivot point. Sustained price action below this level could pressure leveraged long positions and trigger further liquidations.

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💥 Leverage Flush Continues

As in previous market shakeouts, Bitcoin’s drop once again triggered a wave of liquidations across futures markets.

Over the last 24 hours, more than $400 million in leveraged positions were liquidated.

Approximately $335 million of this came from long positions, reflecting traders’ overexposure to bullish bets.

Despite repeated wipeouts in recent months — often involving billions of dollars in liquidations — interest in futures and leveraged trading remains notably high. This persistent leverage suggests that volatility is far from over.

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🌍 Macro Factors: The U.S. Government Shutdown

Adding to the uncertainty, the U.S. government remains shut down amid ongoing political deadlock. While the Non-Farm Payrolls report was initially expected this Friday, continued closure means key economic data releases could be delayed once again.

Since the shutdown began on October 1, markets have been operating without fresh macro data, limiting traders’ ability to gauge real-time economic trends — a factor that may further amplify volatility in both crypto and equity markets.

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🧭 Market Outlook

Bitcoin’s ability to reclaim and hold above $110,000 will be the defining test for short-term sentiment.
If the price stabilizes above this zone, a recovery toward $115K–$118K could follow. However, continued weakness below $105K may signal a deeper retracement phase.

Meanwhile, altcoins are expected to remain under pressure until Bitcoin regains momentum. Traders are advised to stay cautious with high-leverage positions, especially during periods of macroeconomic uncertainty.
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