The crypto community is now wondering — is the Bull Market ending?
Since Nov 3rd, the Total Market Cap chart (TOTAL) has shown clear capital outflows, with big red candles forming as the $3.55T support line fails to hold.
With Total failing to hold the $3.55 T support floor, the Bulls have lost their footing at this level. Their last stronghold now lies at $3.03 T — the make-or-break ground that will decide if the Bull Market structure survives or gives way to the Bears.r
Just a few days ago, it looked like recovery was underway, with Total climbing back to $3.65T — but those support zones have since given way.
Until recently, even after October’s crash, the Bull Market Structure was still intact.
Total valuation as of yesterday detailed in my article >>
Since Jan 2023, Total’s valuation in the Weekly Chart has steadily followed an ascending trend — forming higher highs and higher lows, the classic rhythm of a bullish macro structure.
Bullish Waves That Drove the Year Until Uptober
Crypto Markets have been in a Green Season for much of this year. BTC, BNB, and several alts enjoyed strong Bull Price runs —
as I captured in my earlier analysis:
🟢 BNB’s Top Gun Bull Run: Flying Past ATH into New Crypto Skies
Just in the previous month of October, Crypto Markets looked to be filled with Bullish impulse so the UPTOBER scent was in the air with Total climbing forming a new peak at 4.28$T.
Crypto Market Mood was Bullish as detailed in my article then –
The Bullish Pulse of the Crypto Market — Skyward Movements & an Uptober for Bitcoin
But tides changed quickly.
The Oct 7–10 crash — triggered by overleveraged positions and rapid liquidations — turned Uptober’s optimism into shockwaves.
I analyzed that shift here:
🔗 After the October Crypto Crash: Is the Green Season Still Alive?
Red Momentum Returns — Post-October Crash Trends
The initial decline was also tied to U.S. political headlines (some called it “Trump’s bite” before Halloween 🎃).
But fundamentally, the real cause was leverage unwinding.
Greed was heavy in Uptober period – Margin traders played in perpetual futures Market making bets going Long on Crypto – BTC, ETH, BNB using borrowed funds
As prices fell, these positions were force-liquidated — wiping out both:
• the collateral that some traders had deposited in crypto (on CEXs and DEXs like AAVE or Hyperliquid), and
• the leveraged crypto positions themselves that had been opened with borrowed capital.
This double liquidation wave — collateral and position wipeouts together — carved the long red candle of Oct 10th, marking the mass liquidation washout that reset the market.
Snapshot of Total few days ago in my earlier Article
Bull Market Exit or Temporary Reset?
Post the October episode, Total Chart patterns did show signs of recovery with buyers’ dip-buying activity — lifting Total Market Valuation on Oct 11 to $3.66T and creating a brief Price Bounce Pattern.
However, that bounce has lost steam. Total’s valuation, which looked to have found firm ground at $3.55T, has since declined further — and in doing so, it has slipped below the ascending support trendline that acted as the Bull Market’s guiding rail since early 2023.
Latest Tradingview Total Chart>>
This breakdown signals that the short-term bullish channel has been breached, showing weakness in market momentum. Yet, it does not confirm the end of the macro bull cycle.
The macro picture remains valid as long as Total’s valuation holds above the previous Bull Cycle’s peak of $3.03T (Dec 2018–Nov 2021).
If the decline halts near this zone and the market finds its footing — rebounding upward to reclaim the trendline — the Bull Market Base remains structurally alive, marking this drop as a temporary reset within a broader uptrend.
However, if valuations fall and consolidate below $3.03T, that would represent a deeper structural breakdown — signalling that the Bull Market Base has eroded, and a more pronounced Bear Market Phase could unfold from there.
My article here explains this -
What’s the Signal for Market Structure Breakdown in Crypto Markets?
The Bull Market now stands on the edge — weakened, but not erased.
The current peak is shallow, just a few slopes above the last cycle’s ATH.
Normally, Bulls create higher peaks before giving way — so we can except the Bull Market Base to be retained for Total Valuation to climb higher slopes and form that high peak before starting its downcycle Bearish phase.