CryptoQuant: Losing $101,000 would batter the bull market

CryptoQuant says holding $101,000 is crucial; a daily close below would hit bitcoin’s bull market.

The $101,000 level has become the decisive battleground between bulls and bears for bitcoin’s next move, said CryptoQuant analyst CryptoOnchain.

Bitcoin’s $107k Fortress Breached

“If the bulls succeed in defending this level (101K), the recent drop could be classified as a deviation and a buying opportunity. However, a failure to hold and a daily close below it would deliver a severe blow to the bullish market… pic.twitter.com/KwBUNyl3iy

— CryptoQuant.com (@cryptoquant_com) November 5, 2025

He noted that the price of the leading cryptocurrency fell below key support at $107,000 after 130 days of consolidation. The drop to $98,000 triggered a cascade of futures liquidations.

Over the past 24 hours, traders lost $640m on long positions, the second-largest daily long wipe-out since June 2021, according to the analyst. The cascade amplified the fall and flushed out highly leveraged traders.

After a local low at $98,000, buyers stepped in, pushing prices back to $101,000. That level coincides with the lower boundary of a long-term rising channel that has defined the bullish market structure since October 2023.

If $101,000 holds, the decline can be viewed as a short-term “deviation” and a potential buying opportunity, CryptoOnchain said. But a daily close below it would damage the bullish structure and open the way to a deeper correction.

Analyst Michaël van de Poppe called the key price level for bitcoin and noted that market volatility will remain high.

This remains to be the crucial level for #Bitcoin.

Tons of volatility on the markets at this point, and I think it will remain like that, but given the fact that $112K rejected, this has become the most important level to check for potential bounces. pic.twitter.com/WRxrDKcr53

— Michaël van de Poppe (@CryptoMichNL) November 5, 2025

After the rejection at $112,000, the current support zone has become the key area to watch for potential bounces, he said.

A technical correction?

Bitcoin evangelist Stepan Gershuni noted on Facebook that the market has shed more than $1trn in capitalisation over the past month.

He attributed the decline to financial and technical factors, ‘echoes’ of the mass deleveraging on 10 October.

Gershuni stressed that fundamentally the sector is strong: adoption is at a peak, major banks are working to implement stablecoins, and the regulatory environment is the most favourable it has ever been.

He likened today’s pessimism to the period of FTX’s collapse, which could lead to a prolonged bear trend.

Gershuni also pointed to a liquidity crunch in the United States. In his view, the Fed faces a choice: launch a new round of quantitative easing or trigger a financial crisis that would hit all markets.

Over the long term, the crypto industry “looks positive”, and its mass adoption is “already inevitable”, unlike the cycles of 2017 and 2021, he concluded.

Strategy will not sell its bitcoin

Analyst Willy Woo said Strategy would not need to sell its bitcoin reserves to cover debt in the next market downturn. He called community concerns on the matter unfounded.

MSTR liquidation in the next bear market? I doubt it,

Here’s their debt, the date the debt is due and the price MSTR stock needs to exceed to prevent partial liquidation of their BTC treasury to pay the debt. Equivalent BTC price assumes mNAV 1.0 pic.twitter.com/AzVgecI7i2

— Willy Woo (@woonomic) November 4, 2025

Most of Strategy’s debt is in senior convertible notes. The company may service its obligations at its discretion—in cash, shares or a combination.

According to Woo, to retire $1.01bn of debt by 15 September 2027 without selling crypto, Strategy’s shares must trade above $183.19. That threshold corresponds to a bitcoin price of $91,502.

An analyst under the pseudonym The Bitcoin Therapist added that forced sales would require the asset to “perform horribly”.

Would be one hell of a sustained bear market to see any liquidation for Strategy.

Bitcoin would have to perform horribly.

— The ₿itcoin Therapist (@TheBTCTherapist) November 4, 2025

Woo allowed for a risk of partial reserve liquidation if bitcoin does not rise fast enough during the bull market expected in 2028.

Other public companies’ strategies

Not all firms manage to stick to their strategies. France’s Sequans Communications sold 970 BTC to partially repay convertible debt. The deal totalled about $94.5m.

Japan’s Metaplanet, by contrast, is raising funds to buy bitcoin. On 31 October the firm secured a $100m loan backed by its reserves. The proceeds will be used to acquire new coins, expand the business and potentially buy back shares.

According to Coinpost, MetaPlanet secured a $100 million loan on October 31 by collateralizing its Bitcoin holdings. The funds will be used to acquire additional Bitcoin, expand its income-generating business, and potentially conduct share buybacks. As of October 31, MetaPlanet…

— Wu Blockchain (@WuBlockchain) November 5, 2025

By end-October Metaplanet held 30,823 BTC.

According to CoinGecko, Strategy’s shares fell 16.7% over the past month amid bitcoin’s correction.

INSIGHT: @Strategy is down 16.7% this month following $BTC’s recent drop but still holds $17.8B in unrealized gains.

View profile: https://t.co/oNQRd7VwQv pic.twitter.com/xK2ZEddDsV

— CoinGecko (@coingecko) November 5, 2025

Even so, the company’s unrealised profit from holding crypto totals $17.8bn. In all, the firm owns 641,205 BTC.

In November, Wintermute analysts outlined the reasons for the crypto market’s stagnation.