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BlockBeats News, November 14, the crypto market experienced a new round of sell-off, with bitcoin falling below the psychological threshold of $100,000, hitting a low of $96,600, marking a new low since May. As the US stock market's technology sector plunged and risk aversion sentiment intensified again, the large funds, ETF allocation capital, and corporate buying that previously supported the market simultaneously exited, causing the market structure to rapidly turn fragile. 10x Research confirmed that the market has entered a bear phase, pointing out that weakening ETF capital inflows, accelerated selling by long-term holders, and low retail participation are the main reasons at present. From the market structure perspective, after BTC lost the monthly midline at $100,266, the price is accelerating its retest of the lower liquidity area. Short-term support is located in the $93,000 to $95,000 range; if this is breached, the next liquidity gap may move down to around $89,600. Upward rebound resistance is at $100,200 and $107,300, respectively. Market liquidity is moving along a downward slope, and there are no signs of a bottom in the short term. According to Bitunix analysts, this correction is accompanied by rapid deleveraging, institutional exit, and a cooling narrative, representing a structural repricing rather than a purely technical adjustment. Bearish sentiment has been reinforced in both the fundamentals and derivatives markets, and capital will prioritize seeking safe liquidity zones. If the $93,000 support line is confirmed to hold, the market may enter a bottoming phase; otherwise, there is a risk of falling into deeper liquidity areas.