Analyst: $100,000 is the next key support level for bitcoin; further decline could trigger more sell-offs and increase market volatility.

BlockBeats News, November 12, according to The Block, Kronos Research Chief Investment Officer Vincent Liu stated: "The decline in bitcoin was mainly due to profit-taking and a large number of long positions being closed 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 the government restart bill, which boosted market risk appetite. However, this was not enough to offset the pressure from profit-taking, leveraged liquidations, and ongoing technical weakness.

Vincent Liu said: "The rebound brought by macro positives quickly faded." He noted that $100,000 is the next key psychological support level, and "further declines could trigger more selling and intensify market volatility."