Bitcoin News Today: Bitcoin’s $106K Floor Turns Into Key Battle Zone Between Bulls and Bears Amid Diverging Derivatives

Bitcoin fluctuates around $100K as

enters a 'bottoming phase'

On November 2, Bitcoin's value dropped beneath $108,000, reflecting a 2.7% loss over the previous day amid evolving market conditions. The digital asset is now priced at $107,607, down 14% from its record high of $126,080 reached on October 8. Despite this, trading volume over the last 24 hours jumped 62.6% to $44.3 billion, indicating increased short-term activity. However, derivatives and exchange data point to weakening bullish sentiment, according to a

.

These conflicting signals arise as

has been moving between $106,786 and $115,957 in the past week, posting a 6.4% weekly loss and a 12% drop over the month. Data from Coinglass shows Bitcoin derivatives volume surged 44.46% to $73.07 billion, while open interest slipped 1.22% to $69.80 billion. This contrast suggests more trading but frequent closing of positions, highlighting short-term market indecision, as noted by Crypto.News.

Binance, the largest cryptocurrency exchange globally, has become central to gauging market mood. The exchange’s cumulative volume delta (CVD)—which measures the balance between buying strength and price movement—fell to 0.777 at the beginning of November, down from 0.91 in October. According to Arab Chain, a contributor to CryptoQuant, this drop points to declining interest from major traders even as Bitcoin’s price remains relatively steady, as reported by Crypto.News.

The gap between buying activity and price trends is raising doubts about the durability of current support levels. Although Bitcoin has stayed above $106,000, experts warn this stability may be due to market positioning and sentiment rather than new capital inflows. Coindream, another CryptoQuant contributor, observed that Binance’s Bitcoin holdings have increased during the price downturn, further indicating a weakening bullish stance, according to Crypto.News.

Technical signals are currently bearish, with crucial support at $106,000 and resistance near $111,000. If the CVD drops below 0.70, a correction or period of stagnation could follow, prompting a broader reevaluation of market fundamentals, warns Crypto.News. Nevertheless, despite these short-term challenges, the overall market outlook remains constructive, with institutional interest and macroeconomic trends continuing to influence Bitcoin’s path.