Bitcoin is facing significant challenges as it trades around $101,358, attempting to recover from a downturn that followed its October highs. The cryptocurrency continues to encounter selling pressure, having dipped below important exponential moving averages, specifically the 20, 50, 100, and 200-EMA. This technical situation indicates an ongoing short-term weakness, despite some temporary rebounds observed earlier in the week.
The price of Bitcoin is currently consolidating within a narrow band between $99,000 and $105,000, exhibiting limited volatility following recent drops. Immediate support is identified at $98,953, a crucial point where buyers had previously intervened to mitigate losses. Should the price breach this level, it could initiate a decline towards $97,500 or even $95,000 if the downward momentum intensifies.
On the upside, resistance is situated near $103,177, coinciding with the 50-EMA, followed by the 23.6% Fibonacci retracement level at $105,399. A successful reclaiming of these resistance levels would bolster buyer confidence and suggest a potential short-term reversal in trend. Mid-term resistance is noted around $109,386, where Bitcoin experienced multiple rejections in late October. Further, a broader resistance range exists between $112,609 and $115,832, representing the 50% to 61.8% Fibonacci retracement area, which could significantly influence the medium-term trajectory of the asset.
As of November 7, Bitcoin futures open interest has surged to $68.82 billion, indicating a rise in investor engagement. This increase follows several months of range-bound trading earlier in the year, with notable growth in open interest beginning in late March. This development reflects a stronger speculative positioning among traders, often a precursor to substantial price movements. The uptick in open interest aligns with Bitcoin“s stabilization above the $100,000 mark, suggesting that traders anticipate imminent volatility, possibly triggered by macroeconomic factors or institutional buying.
Examination of exchange flows shows a notable shift towards long-term holding, as Bitcoin has experienced steady outflows from exchanges throughout 2025. This trend indicates that investors are opting for custody solutions over short-term selling strategies. While there have been sporadic inflow spikes, these have predominantly represented brief profit-taking rather than a sustained distribution phase. Recently, net inflows reached $46.05 million while Bitcoin hovered around $101,156, indicating renewed buying interest amid market uncertainties.
The technical outlook for Bitcoin reflects clearly defined key levels as it trades beneath major moving averages, indicating a cautious sentiment as the market approaches mid-November. The current setup suggests that Bitcoin is consolidating within a broader range of $99,000 to $105,000, representing a market in equilibrium between buyers and sellers. This configuration hints at a potential increase in volatility once the price breaks free from this range.
Looking ahead, Bitcoin“s near-term prospects hinge on whether bulls can defend the critical support at $99,000 and surpass the $105,000 resistance. A sustained move above $109,386 would signal a resurgence of bullish strength and pave the way for targets between $112,000 and $115,000. Conversely, a failure to maintain the $98,953 support could expose Bitcoin to further declines, potentially finding a stronger accumulation base around $95,000. Currently, Bitcoin exists in a pivotal market phase, with momentum indicators showing a reduction in selling pressure, yet the absence of decisive buying interest leaves the market awaiting clear directional confirmation.
