Emre Yumlu 
Volatility has returned to the crypto market in recent weeks, and this turbulence is drawing sharp commentary from leading analysts. Bloomberg Senior Macro Strategist Mike McGlone is among those sounding the alarm, offering a stark assessment of Bitcoin (BTC)’s current price structure and warning investors about potential downside risks.
Market Mood Turns Dark: “Sentiment Is at Rock Bottom”
Investor sentiment has deteriorated rapidly, according to analyst and fund manager James Lavish. Summarizing the atmosphere across the market, Lavish noted a dramatic erosion in investor confidence. He highlighted that long-term Bitcoin holders have collectively sold more than 400,000 BTC over the past month.
Despite this significant sell-off, Bitcoin has managed to remain above the $100,000 mark—a sign that buying pressure still exists even under prevailing market stress. Nevertheless, Lavish emphasized that the mood has shifted decisively toward pessimism.
McGlone takes this interpretation further. In his view, Bitcoin is losing grip on several key technical zones, increasing the likelihood of deeper declines.
Below the 200-Day Moving Average: “$110,000 Has Turned Into Resistance”
McGlone pointed out that early on Monday, November 3, during U.S. trading hours, Bitcoin opened below its 200-day moving average—a crucial level closely watched by traders. According to him, this area, now situated near $110,000, has flipped from support into a firm resistance zone.
Because of this technical breakdown, McGlone warned that Bitcoin may struggle to hold its current range. He cautioned investors with a direct statement:
“In my view, Bitcoin’s probability of remaining above $100,000 is weakening. By Monday morning, November 10, it would not be surprising to see Bitcoin trading below the $100,000 threshold.”
Pressure Extends Beyond Bitcoin: Crypto Market Underperforms Traditional Assets
McGlone also broadened his analysis to encompass the wider digital asset market. Strategy-focused crypto products have suffered sharp losses, and the Bloomberg Galaxy Crypto Index has fallen 1% since the beginning of 2025.
This performance stands in stark contrast to traditional equities. Over the same period, the S&P 500 has gained roughly 16%, underscoring how significantly crypto has lagged behind conventional financial markets this year.
As analysts continue to scrutinize the technical and macroeconomic landscape, McGlone’s remarks serve as a reminder that Bitcoin remains highly vulnerable in the short term—even as long-term investors debate whether current levels represent risk or opportunity.
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