Key Takeaways
- • Bitcoin declined 6.2% during the week ending November 6, 2025, falling below $100,000 for the first time since June, marking the worst week since early March and erasing approximately $300 billion from the digital-asset market.
- • A $19 billion leverage wipeout across crypto markets in early October triggered the reversal, exposing the fragility of the bull run that peaked with record prices in early October amid frenzied margin buying.
- • Galaxy Digital reduced its year-end Bitcoin price target to $120,000 from $185,000, citing the significant leverage wipeout as justification for the $65,000 downward revision.
- • Bitcoin has broken below its 365-day moving average near $102,000—a critical support level that has held since early 2023—signaling potential for steeper declines if the level is not reclaimed quickly, according to CryptoQuant analysis.
- • Technology stocks faced concurrent weakness this week driven by artificial-intelligence valuation concerns, though the Nasdaq 100 Index remains within 2% of October highs as traders buy into weakness.
Summary
Bitcoin experienced a sharp decline during the week of November 6, 2025, with prices falling 6.2% to drop below the $100,000 threshold for the first time since June. According to Bloomberg, this marks the worst performing week for Bitcoin since early March, with the digital-asset market shedding approximately $300 billion in value during the selloff. The price action represents a dramatic reversal from early October, when Bitcoin rallied to record highs amid aggressive margin buying and frenzied retail and institutional demand.
The deterioration accelerated following a $19 billion leverage wipeout across cryptocurrency markets that occurred just days after the peak. This sudden liquidation of leveraged positions exposed systemic fragility in the rally and triggered cascading sell orders. Michael Novogratz's Galaxy Digital responded to the market stress by cutting its year-end Bitcoin price target to $120,000 from $185,000—a $65,000 reduction—explicitly citing the significant leverage wipeout as the primary driver of the downward revision. SkyBridge Capital founder Anthony Scaramucci offered a vivid characterization of leverage risk, comparing it to driving a sports car on an icy mountain road near Monaco with a spear protruding from the steering wheel, noting that leverage inflicts maximum damage precisely when investors need to hit the brakes.
Technical analysis suggests additional downside risk. CryptoQuant reported that Bitcoin has broken below its 365-day moving average near $102,000, a support level that has remained intact since early 2023 and previously functioned as an early warning signal during the bear market that began in December 2021. The firm warned that failure to reclaim this moving average quickly could trigger a much larger correction. Parallel weakness in technology stocks—driven by concerns over frothy artificial-intelligence valuations—added to overall risk-asset pressure during the week, though the Nasdaq 100 Index maintained proximity to October highs as traders selectively bought into weakness.
The deterioration accelerated following a $19 billion leverage wipeout across cryptocurrency markets that occurred just days after the peak. This sudden liquidation of leveraged positions exposed systemic fragility in the rally and triggered cascading sell orders. Michael Novogratz's Galaxy Digital responded to the market stress by cutting its year-end Bitcoin price target to $120,000 from $185,000—a $65,000 reduction—explicitly citing the significant leverage wipeout as the primary driver of the downward revision. SkyBridge Capital founder Anthony Scaramucci offered a vivid characterization of leverage risk, comparing it to driving a sports car on an icy mountain road near Monaco with a spear protruding from the steering wheel, noting that leverage inflicts maximum damage precisely when investors need to hit the brakes.
Technical analysis suggests additional downside risk. CryptoQuant reported that Bitcoin has broken below its 365-day moving average near $102,000, a support level that has remained intact since early 2023 and previously functioned as an early warning signal during the bear market that began in December 2021. The firm warned that failure to reclaim this moving average quickly could trigger a much larger correction. Parallel weakness in technology stocks—driven by concerns over frothy artificial-intelligence valuations—added to overall risk-asset pressure during the week, though the Nasdaq 100 Index maintained proximity to October highs as traders selectively bought into weakness.
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