Markets are Bleeding, Why is Crypto Down Today (11/05/25)?

Jakarta, Pintu News – The global crypto market has experienced a sharp correction in the past 24 hours, with the total market capitalization plummeting by Rp2,509 trillion (approximately $150 billion) to Rp55,965 trillion (equivalent to $3.35 trillion).

This selling pressure comes after negative signals from global financial markets worsened investor sentiment. If macroeconomic conditions do not improve, the crypto market risks additional pressure, with a potential drop to the IDR55,364 trillion zone or even IDR53,757 trillion.

Crypto market corrects due to global negative sentiment

This major correction shows that the crypto market is still very sensitive to global economic turmoil, especially from the stock sector and US monetary policy. Weakening liquidity and rising inflationary pressures are making investors more likely to turn to more stable assets.

The IDR2,509 trillion drop in crypto market capitalization is one of the biggest corrections in recent months, indicating a “risk-off” phase among institutional investors.

However, some analysts believe that a recovery is still possible if investor confidence rebounds. Rising interest in altcoins and improving liquidity conditions could be the drivers of price recovery in the crypto market.

If the bullish momentum builds up again, the total market capitalization could potentially rise to IDR57,393 trillion (approx. $3.43 trillion) and even test the strong resistance at IDR58,389 trillion (approx. $3.49 trillion).

Read also: Bitcoin (BTC) Starting to Lose Power? Analysts say Rp2 billion target won’t be reached this year

Bitcoin (BTC) Loses Key Support, Market Sentiment Weakens

Bitcoin (BTC) price experienced a significant drop, breaking below the psychological level of Rp1.67 billion (approximately $100,000) for the first time in three months. The intraday drop to Rp1.65 billion (approx. $98,944) sparked fresh concerns among investors, signaling increasing bearish pressure. Although prices briefly recovered to above Rp1.69 billion (approx. $101,477), market sentiment remains fragile and filled with fears of a further correction.

If the sell-off intensifies, Bitcoin could potentially fall towards the Rp1.64 billion (approx. $98,000) level, amplifying the pressure on the overall cryptocurrency market. However, if selling pressure begins to ease and buying volume increases in the support area, Bitcoin could bounce back to Rp1.75 billion (around $105,000). Analysts think that accumulation at lower levels could be an early signal for a short-term rebound, although the medium-term trend is still dominated by bearish sentiment.

Also read: Ethereum Price Plummets to IDR55.7 Million, Liquidations Reach $1.1 Billion!

SPX690 Trapped in Death Cross, Bearish Pressure Intensifies

Meanwhile, the SPX690 meme coin has been one of the worst performing assets in the last 24 hours, dropping by 12%. Currently, the price of SPX690 is trading at around IDR10,687 (approximately $0.639) after forming a Death Cross pattern, which is when the short-term moving average cuts below the long-term moving average. This pattern signals stronger bearish momentum, increasing the potential for further declines in the altcoin market.

If the selling pressure continues, SPX690 could slip to IDR9,871 (approx. $0.590) and even test lower support at IDR8,480 (approx. $0.507). However, if the price manages to hold above IDR10,714 ($0.640 approx.), the potential for a short-term rebound is still open. A strong enough buying push could push the price towards IDR13,662 ($0.817 approx.) and negate the bearish pressure in the short term.

Conclusion

The major correction in the crypto market this time signals that investors are still cautious about global uncertainty. Bitcoin (BTC) lost momentum, SPX690 faced negative technical signals, and crypto market capitalization declined sharply. Even so, the potential for recovery remains if sentiment improves and investors return to showing buying interest in major digital assets.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Why Is The Crypto Market Down Today? Accessed November 5, 2025.
• Featured Image: Generated by Ai