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The crypto bear market continued this week, with top coins like Bitcoin ( $BTC ), Solana ( $SOL ), Ethereum ( $ETH ), and Ripple crashing by over 20% from their recent highs. Ripple XRP token has crashed by over 38% from its highest level this year. Bitcoin has moved by 25%, while Ethereum has dropped by 36% from the year-to-date high. A bear market is defined as a period when an asset drops by ~20% from its local top. The bear market is happening despite some good news in the industry. The most significant one was the recent Solana, XRP, Hedera, and Litecoin ETF approvals. Another one was the $500 million investment in Ripple by Citadel and Fortress. Crypto bear market caused by liquidations and fear One reason for the ongoing crypto bear market is that a sense of fear is spreading in the industry. Data compiled by CoinMarketCap shows that the Crypto Fear and Greed Index has moved to the fear zone of 25. This fear is mostly because of last month’s events, when over $20 billion in positions were liquidated in a single day. Over 1.6 million traders were wiped out. Liquidations have remained at an elevated level in the past few weeks. For example, over $1.9 billion was liquidated on Friday, with Bitcoin and Ethereum leading the way. The ongoing fear has led to intense selling by investors in the futures market, with the open interest being in a downtrend. Also, the weighted funding rate of most tokens has flatlined in the past few months, while large Bitcoin holders have dumped tokens worth over $45 billion. The crypto market has also retreated because of fatigue in the market, with many investors rotating to stocks. Besides, Bitcoin is up by just 2.3% this year, while the S&P 500 and Nasdaq 100 indices have jumped by over 20%. Bitcoin price technicals have contributed to the crypto crash Technicals are also not supportive of the crypto market. Bitcoin price has formed a double-top point at $124,350 and the neckline at $107,440. It has formed a death cross pattern as the 50-day weighted moving average and the 200-day average have crossed each other. The coin has remained below the Supertrend indicator and moved to the extreme oversold point of the Wyckoff Theory. Therefore, there is a possibility that it will continue falling, with the next key point to watch being at $90,000. Such a move will fuel more weakness in the crypto market.

The crypto market continues to move quickly, with Bitcoin under pressure and altcoins sending mixed signals. Solana is entering the weekend at a critical point on the chart, where tightening price action suggests a decisive move could be imminent. While some expect a bounce toward $170, others warn that the current range may be masking underlying weakness. The key question is whether Solana will hold support and recover, or if another downward move is approaching. The next 48 hours could determine how the rest of November unfolds. Currently, Solana is trading near $141.50, holding above the important $130–$135 support zone. Dips toward $136 have been quickly absorbed, showing that demand remains active even as broader market sentiment stays cautious. On the upside, resistance is building around $155–$160, where upward momentum continues to slow. With the price compressing between these critical levels, the next breakout either higher or lower is likely to dictate the near-term trend. $SOL has also reached the lower boundary of its long-term rising channel, a level that has acted as a strong accumulation area since early 2023. This trendline near $140–$145 is being tested again, signaling that buyers are defending the broader uptrend. However, the recent dip into the cloud support zone reflects growing uncertainty, especially following last week’s sharp rejection from $185–$190. At present, Solana is trapped between channel support below and cloud resistance above, and a clear directional move is coming soon. If $SOL manages a clean bounce from this lower boundary, it could reclaim momentum toward $165, followed by $185 zone, where the previous weekly rejection occurred. On the other hand, a sustained break below the channel would mark the first major structural weakness in over a year, opening the door to downside targets at $125 and potentially $110 in the coming weeks. Price compression is reaching its limit, and the market is poised for a decisive move. Volatility is expected to increase over the weekend, particularly if Bitcoin continues to struggle. The most important levels to watch for Solana are $130–$135 support and $155–$160 resistance. Holding support could set the stage for a push toward $170 next week, while a breakdown may lead to a deeper retracement before any meaningful recovery occurs.

$SOL is still moving inside a clear downtrend but it’s showing signs of a possible rebound from the current zone..... If it holds this support, the next move could be a short-term push back toward the 155–165 range....

A Wave of Forced Liquidations Exposes Fragility in Crypto Leverage Structures The cryptocurrency market experienced a violent downturn as more than $1.2 billion in leveraged positions were liquidated within just four hours, marking one of the sharpest short-term wipeouts seen in months. This sudden cascade of forced liquidations underscores a long-standing structural vulnerability in the digital asset ecosystem: the excessive dependence on high leverage and the systemic risks it creates during periods of macro uncertainty and liquidity thinning. A Rapid Shock That Spread Like Wildfire Market declines happen frequently, but what occurred during this particular trading window was not a slow correction—it was a dramatic chain reaction. Bitcoin, Ethereum, and major altcoins all dropped sharply within minutes, triggering stop-loss walls and liquidation clusters that accelerated the volatility. When prices began to slip, leveraged long positions—especially those with high leverage (10x–100x)—were unable to maintain the required margin, forcing exchanges to automatically liquidate them. This created a domino effect: liquidations pushed prices lower, lower prices triggered more liquidations, and the cycle intensified. By the time the smoke cleared, more than $1.2 billion in long and short positions had been wiped out across centralized and decentralized platforms, sending a shockwave through the entire crypto market. Why the Market Was So Vulnerable 1. Excessive Leverage Across Retail and Institutional Traders Crypto derivatives markets today are massive—on some days, they exceed the volume of the spot market by 10x. While leverage can amplify gains, it also magnifies losses. When sentiment is overly bullish, traders tend to stack long positions with aggressive leverage, setting the stage for a brutal liquidation event when momentum shifts. Data leading up to the crash showed crowded long positions, particularly on BTC, ETH, SOL, and meme tokens. This concentration meant that once BTC dipped below key support zones, the forced liquidations were unavoidable. 2. Liquidity Was Thin During the Sell-Off Another factor was weakened liquidity. Thin liquidity means that even moderate sell orders can move prices significantly. During the crash, order books across exchanges showed a noticeable lack of buy-side depth, making it easier for cascading liquidations to push prices rapidly downward. This phenomenon mirrors what happens in traditional markets during flash crashes—but in crypto, it occurs more frequently because market-making liquidity is still fragile and sometimes pulled out quickly during volatile episodes. 3. Macroeconomic Pressure Was Already Building Up Leading into the event, several macroeconomic risks were already unsettling investors: Speculation around future Federal Reserve rate plans Rising treasury yields A strengthening U.S. dollar Declining risk appetite across global markets Crypto, being a high-beta (high risk and high volatility) asset class, responds more dramatically to macro shifts. The sudden liquidation wave was partly the market reacting to external uncertainty.