[Analyst Says Bitcoin at Critical Turning Point, Signs of Bottom and Downward Signals Coexist] November 5 news: Bitcoin continued its downward trend at the start of November, dropping 10% over the past week and once again testing the $10,000 mark, hitting its lowest point since June this year. K33 Research Director Vetle Lunde pointed out that this decline stems from restricted liquidity and fear-driven market sentiment, especially following the October 11 deleveraging event, which led to the liquidation of at least $20 billion in crypto assets. The massive sell-off by long-term holders has exacerbated market weakness, while buyers remain cautious due to heightened risks. Lunde stated that Bitcoin is at a critical turning point, with the market structure showing a mix of bottoming characteristics and early downward signals.
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