Analyst: $100,000 is the next key support level for Bitcoin, and a further drop could trigger more selling pressure and exacerbate market volatility.

BlockBeats News, November 12th, according to The Block, Vincent Liu, Chief Investment Officer of Kronos Research, stated: "Bitcoin's decline is mainly due to profit-taking and significant long liquidations after failing to reclaim the $107,000 resistance level."

He pointed out that Bitcoin's brief rebound was driven by the U.S. Senate passing a bill to restart the government, boosting market risk sentiment. However, this was not enough to offset profit-taking pressure, leverage liquidations, and ongoing technical weakness.

Vincent Liu stated: "The rebound from macro tailwinds quickly faded." He noted that $100,000 is the next key psychological support level, "further downside may trigger more selling and exacerbate market volatility."