Overview
- Bitcoin slipped below $100,000 before rebounding to the low $100,000s, with traders watching resistance near $105,000–$107,000 and support around $97,000, plus a CME futures gap near $92,000–$93,000.
- $700 million-plus in 24-hour crypto liquidations was recorded, including roughly $295 million tied to Bitcoin, after a break of prior support zones.
- U.S. spot Bitcoin ETFs ended a six-day outflow streak with about $240 million in net inflows on Nov. 6, yet recent weeks still show net redemptions that weakened institutional demand.
- On-chain data highlight heavy ‘young coin’ deposits to Binance in October (about $26 billion), pointing to short-term speculative flows, while reports indicate ongoing distribution by some long-term holders.
- Key trend gauges are under pressure, with Bitcoin testing its 50-week and 365-day moving averages near $102,000 and options dealers positioned net short gamma around $100,000, keeping volatility elevated.