Bitcoin Nears $107,000 After $1.16B Long Wipeout as Analysts Eye November Rebound

Overview

• Bitcoin is trading around $107,000 after November 3 saw more than $1.16 billion in leveraged long positions liquidated, highlighting a sharp deleveraging event.
• October marked Bitcoin’s first negative performance for the month in six years, which some analysts describe as a mid‑cycle reset rather than the start of a bear trend.
• Historical data show November has often been strong for Bitcoin, with mean gains near 40–42%, leading some to anticipate a potential rebound.
• Analysts highlight prospective catalysts such as an expected restart of U.S. government spending after a shutdown, a resumption of corporate buybacks, elevated TGA balances, and a recent spike in overnight repo usage.
• On‑chain and ETF custody indicators are cited as evidence of durable demand, though Fed guidance, ETF flow swings, leverage dynamics, and a reported easing in U.S.–China trade tensions remain key variables.