It was one of those crisp November mornings in 2025 when the crypto world woke up to yet another jolt. Bitcoin, the undisputed king of digital assets, slipped below that crucial $108,000 mark on November 3, leaving traders nursing headaches and portfolios in the red. The daily candle kicked off at around $108,200 in GMT timezone, but by midday, it was flirting with $107,500 – a roughly 1.5% drop that dragged the entire market down 3%. This isn't just a blip; it's a whisper from broader economic winds that could turn into a gale if we're not careful. Ever wonder why the Fed's every utterance feels like it moves mountains? Jerome Powell's recent comments struck a cautious chord, hinting that rate cuts might hit pause amid sticky inflation. For risk-on plays like Bitcoin, that's about as welcoming as a cold shower. The US dollar, meanwhile, climbed to a three-month peak at 99.82, shoving the euro to a $1.1527 low and the yen toward 154.15. Investors are eyeing tomorrow's US jobs data – a soft print could nudge the Fed toward easing, but right now, the vibe is decidedly bearish. Over in China, the manufacturing PMI came in at 50.6 for October, undershooting the 50.9 forecast and signaling export slowdowns amid US-China trade jitters. Asia-Pacific markets were a mixed bag: Korea's Kospi surged 2.13% to a fresh high, but China's CSI 300 dipped 0.45%. This patchy sentiment is bleeding into crypto, where risk appetite seems on a diet. Notably, while US tech stocks clawed back some ground last Friday, Bitcoin couldn't keep pace – a temporary decoupling from traditional markets that often spells caution. Let's drill into the numbers. Bitcoin's 24-hour volume clocked in at about $30 billion, down 15% from the weekly average. Liquidations? A brutal $463 million, mostly long positions vaporized below $108,000 support. The daily chart sketches an inverse head-and-shoulders pattern, with the neckline at $106,700. Hold that, and we're golden; breach it, and $88,000 – home to the 200-day moving average – becomes the grim target. On the flip side, heavy selling volume at $110,000 screams profit-taking, not outright panic. On X (formerly Twitter), the chatter's a cocktail of dread and defiance. Traders like @EmperorBTC crack wise about grinding through ugly markets, while @FatihHoca0 warns that daily closes under $107,000 ignite the real fire. ETF talk dominates too: Bitcoin funds ballooned from $2B in January 2024 to $61B by November 2025, with Ethereum at $14B. Despite recent outflows, these flows scream long-term bull. One 'perfect' trader, with a 100% win rate, now stares at $21.5M in unrealized losses – a humbling reminder that no one's invincible. The bubble debate's bubbling up again. Alhambra Partners' monthly review questions if we're in one: S&P 500's two standard deviations above its 50-month average, and Bitcoin's tagged as a 'fear asset' rivaling gold's 51% YTD surge. Yet, as Treasury Secretary Bessent noted on the whitepaper's 17th birthday, BTC's more resilient than ever. The US government's 33-day shutdown – on track to be the longest ever – is freezing crypto bills and rattling consumer confidence, potentially disrupting SNAP payments for 42 million. High rates have sparked a housing recession, per Bessent, piling pressure on the Fed for cuts. Trump's softer tone with Asian allies might ease trade wars, a silver lining for China's exports and risk-off trades. Deeper dive: Bitcoin's trapped in a short-term descending channel since September 2024. That trendline support at $106,000 is make-or-break. Defend it, and a rebound to $112,000 isn't wild, especially if jobs data softens rates. But a crack could cascade sales through Thanksgiving. Savvy traders are rotating into alts like Solana or Dogecoin, which held up better today. Macro-wise, Pepperstone's playbook highlights focus on US labor, central bank risks, and earnings – all Bitcoin movers. The Fed's $29.4B liquidity injection last week might spark a bounce, but patience is key. Some say, with the halving behind us and institutional adoption ramping, $150,000 by 2026 is in play. This dip? A gift for HODLers. Bitcoin's journey from $69K in 2024 to here weathered a 10% October drop – the first red one since 2018. Practical tip: Diversify your bag, set stop-losses, and track macro news. Crypto's like life – full of twists, but the patient ones cash the big checks.