As the first week of November concludes, the cryptocurrency market has maintained a steady bearish bias over recent trading sessions. This has caused most major crypto assets to show indecisive movements, preventing the formation of clear short-term trends. For now, selling pressure remains the dominant force driving much of the market’s action. A cautious sentiment and lack of interest among investors persist, which could continue to weigh on the market and keep weakness intact in the short term if bearish momentum holds.
Performance of Major Cryptocurrencies
Source: Data - StoneX, Tradingview
- Solana (SOL) remains the worst-performing cryptocurrency of the week, with a decline of -16.85%, making it the weakest among major assets over recent sessions. In contrast, and as the benchmark for the crypto market, Bitcoin (BTC) has posted the smallest drop among its peers, down -7.76%, showing relative stability amid the ongoing bearish streak.
- Over the past 10 weeks, all major cryptocurrencies have maintained a dominant bearish bias, reflecting a persistent pattern of structural weakness. Cardano (ADA) continues to be the most affected, with a -35.43% loss, while Bitcoin (BTC) has held up better, with a -6.38% decline.
- On a year-to-date basis, Bitcoin remains the best-performing cryptocurrency of 2025, posting a 7.71% gain, while Dogecoin (DOGE) has shown no signs of recovery, with a -49.51% loss, representing nearly half its value erased since the start of the year.
- Meanwhile, Bitcoin has attempted to maintain rebound movements around the $111,000 level but has also dipped below the $100,000 mark, which acts as the key psychological zone for the cryptocurrency.
- Overall, the market continues to face persistent downward pressure, with Bitcoin and other major cryptocurrencies posting three consecutive losing sessions, reinforcing the bearish bias as the dominant trend.
Colors range from red to green – Red indicates negative correlations, and green indicates positive correlations.
Source: Data - StoneX, Tradingview
Since the beginning of the current bearish cycle, most major cryptocurrencies have maintained a significant positive correlation with Bitcoin. At present, most show a correlation coefficient above 0.8, with only Litecoin (LTC) slightly below at 0.752. This demonstrates that market weakness is not isolated to Bitcoin, but rather extends across the broader crypto market, as most assets experience similar depreciation patterns.
As Bitcoin continues to struggle with a lack of confidence, the rest of the market tends to mirror its behavior, consolidating a broad-based bearish bias and a persistent environment of distrust. If the leading cryptocurrency fails to regain lost confidence in the coming weeks, other assets are likely to follow suit, maintaining consistent declines and keeping selling pressure as a key driver in the short term.
It’s worth noting that these correlation coefficients may vary over time and adjust as new market information becomes available.
A New Trend Forming in Bitcoin?
Source: StoneX, Tradingview
Toward the end of the week, Bitcoin has posted three consecutive bearish sessions, maintaining a dominant selling bias that has pushed its price close to the critical $100,000 zone. Recent downward movements have been strong enough to break below the 200-period moving average and breach the previously stable sideways channel that had defined price action in prior weeks.
The formation of lower lows strengthens expectations for a potential new short-term bearish trendline. If selling pressure persists, this structure could evolve into the dominant technical trend on the chart in the upcoming sessions.
Indicators:
- Both the RSI and MACD remain below their neutral levels (50 and 0, respectively), reflecting dominant selling momentum in the short term. However, the RSI has started to approach the oversold zone (30 level), suggesting a technical imbalance that could increase the likelihood of short-term bullish corrections.
Key Levels to Watch:
- $108,200 – Key Resistance: This level corresponds to the previous floor of the former sideways channel and aligns with the 50-period simple moving average. A return of the price to this zone could reactivate a neutral bias in BTC price action and open the door to a potential sideways recovery.
- $104,000 – Current Barrier: Located near the 200-period moving average, this level could generate price indecision, possibly triggering short-term buying corrections.
- $96,900 – Critical Support: This level represents a support zone not seen since May and stands as the most relevant bearish threshold. A break below this area could confirm a more consistent downtrend in Bitcoin.
Dogecoin Nears Its Yearly Lows
Source: StoneX, Tradingview
Dogecoin (DOGE), currently the worst-performing major cryptocurrency of 2025, has experienced sustained selling pressure, reinforcing a persistent downtrend. The price is now hovering near yearly lows, and if this weakness continues, a break below these levels could lead to the formation of a deeper bearish structure in the coming sessions.
Indicators:
- Both the MACD and RSI remain below their neutral levels (0 and 50, respectively), confirming bearish strength and selling pressure in the short term. However, similar to Bitcoin, the RSI is approaching the oversold zone (30 level), indicating that recent selling momentum has been quite aggressive and may be creating a temporary imbalance that increases the chances of short-term bullish corrections.
Key Levels for Dogecoin:
- $20.59 – Key Resistance: This area coincides with the 200-period moving average and the 38.2% Fibonacci retracement level. A sustained rebound to this area could threaten the current downtrend.
- $18.03 – Nearby Barrier: Located around the 50-period moving average, this level could serve as temporary resistance in case of technical rebounds.
- $16.02 – Critical Support: Corresponds to the 2025 lows and is considered the most significant support zone for bearish moves. A drop below this level could open the door to a sharper downtrend in the short term.
Written by Julian Pineda, CFA – Market Analyst
Follow him on: @julianpineda25
