Bitunix Analyst: Bitcoin Plunges to $96,000, Market Enters New Bear Market Phase, Key Support Tested at $93,000

November 14th: In the cryptocurrency market, there was a new round of sell-offs. Bitcoin fell below the $100,000 psychological level and hit a low of $96,600, refreshing the low since May. With the significant decline in the US tech sector and the resurgence of risk aversion sentiment, large funds, ETF positioning funds, and corporate buying pressure that had previously supported the market all withdrew simultaneously, resulting in a rapid shift in the market structure towards fragility. 10x Research confirmed that the market has entered a bear market phase and pointed out that the weakening of ETF fund flows, the accelerated selling by long-term holders, and the low retail participation are the current main reasons. From a market structure perspective, after Bitcoin lost the monthly midline support at $100,266, the price is now rapidly testing the downside liquidity zone. The short-term support is in the range of $93,000 to $95,000. If it is broken, the next liquidity gap may move down to around $89,600. The rebound resistance levels are $100,200 and $107,300 respectively. Market liquidity is moving along a downward slope, and there are no signs of a short-term reversal yet. Bitunix analysts believe that this retracement, accompanied by rapid deleveraging, institutional exits, and a cooling narrative, is a structural repricing rather than a simple technical correction. Bearish sentiment has been strengthened in both the fundamentals and derivatives markets, and funds will give priority to seeking a safe liquidity range. If the $93,000 support line holds, the market may enter a bottoming phase; otherwise, the risk of falling into a deeper liquidity zone should be noted.