Bitcoin's price fell below $100,000 for the third time in November 2025, hitting $98,841.86. This drop coincided with a significant wave of liquidations across the cryptocurrency market, totaling $463 million in just 24 hours. Data from CoinGlass reveals that $342 million of these liquidations came from long positions, indicating a trend of traders betting against rising prices. Bitcoin spot ETFs also experienced a notable decline, shedding approximately $278 million the day before. Analysts from JPMorgan highlight a support price for Bitcoin around $94,000, which reflects the estimated production cost that has increased due to rising network difficulty. This upward adjustment in production costs corresponds with a recent estimate of $92,000. Broader market conditions contributed to Bitcoin's struggles, with other major cryptocurrencies like Ethereum and Solana dropping about 6%. Equities tied to the crypto sector faced declines as well, while the Nasdaq and S&P 500 indices fell by 2.45% and 1.56%, respectively. Macroeconomic factors are also playing a role. Nic Puckrin, co-founder of The Coin Bureau, pointed out that the uncertainty surrounding a government shutdown and diminishing odds for a rate cut could further pressure Bitcoin's price. The delayed release of the U.S. CPI report has created a lack of clarity in financial data, leading to cautious sentiment among traders. Puckrin advises caution for those investing in high-risk assets like Bitcoin as market volatility heightens.