PANews reported on November 5th that, according to CryptoQuant analyst CryptoOnchain, after consolidating between $107,000 and $123,000 for 130 days, Bitcoin broke below the key support level of $107,000, with the price once dipping to $98,000, triggering large-scale deleveraging in the futures market.

On-chain data shows that approximately $640 million in long positions were liquidated in the past 24 hours, marking the second-largest single-day long liquidation since June 2021. This wave of liquidations exacerbated the downward trend, forcing highly leveraged traders out of the market.

However, after hitting a low of $98,000, buying quickly emerged, pulling the price back to the key $101,000 level. This position is not only a psychological barrier but also coincides perfectly with the bottom of the long-term upward channel that has defined the market's bullish structure since October 2023.

Analysts point out that the current battle for the $101,000 level is crucial. If the bulls successfully hold this position, the current decline may be seen as a deviation correction and a buying opportunity. However, if they fail to hold and the daily close is below this level, it could severely damage the bull market structure and further exacerbate the risk of a market correction.