[LIVE] Bitcoin Price Tracker: BTC Crashes Below Key Supports as Global M2 Hits Record Highs — What Happens Next?

Bitcoin’s price action has entered a critical phase this week, breaking below $100,000 for the first time in months despite a record surge in global liquidity.

As of November 5, BTC trades near $104,000, even as the U.S. M2 money supply climbed to $22.21 trillion and global M2 reached $95.8 trillion, a divergence from their previously tight correlation.

Analysts cite U.S. Treasury behavior, long-term holder distribution, and Bitcoin’s rising 85% correlation with the NASDAQ as key drivers, along with miners increasingly shifting resources from Bitcoin hashing to AI compute.

CryptoQuant data paints a more concerning picture. Bitcoin has now fallen below its 365-day moving average (~$102K) — a level that acted as the “last line of defense” before the 2022 bear market fully unfolded.

The firm’s Bull Score Index has hit zero for the first time since June 2022, indicating extremely weak fundamentals.

If BTC fails to reclaim the $100K band quickly, the Traders’ Realized Price model suggests a potential slide toward $72K within 1–2 months.

Under a network-valuation lens based on Metcalfe’s Law, the next major support sits around $91K, a level Bitcoin hovered near from late 2024 to mid-2025.

On-chain data reveals mounting psychological stress. Nearly one-third of all Bitcoin in circulation is now held at a loss, indicating that pressure is shifting from new entrants to broader segments of the market.

Historically, these levels often coincide with exhaustion points, moments where selling dries up and durable bottoms form.

But if fear continues rising and long-term holders begin derisking, any short-term rebound could turn into an exit rally rather than the start of a new uptrend, gradually eroding demand and conviction.

The market now sits at a fragile equilibrium between fear, liquidity, and patience. If selling pressure continues while BTC remains under key technical levels, the structure of this bull cycle may be tested more severely.

If, however, capitulation peaks and liquidity returns, potentially aided by ongoing Fed rate cuts, this region could become the next major accumulation zone.

Bitcoin Rebounds above $100K: What’s the Next Price Action?