Bitcoin News Today: Bitcoin Hits $100K: Can Bears Take Control or Will a Festive Rally Begin?
- Bitcoin fell below $100,000 amid macroeconomic uncertainty, institutional outflows, and technical breakdowns, losing 15% from its October peak. - Fed rate-cut delays and U.S.-China tensions worsened risk-off sentiment, while crypto's lack of yield made it vulnerable to tighter monetary policy. - Technical indicators show bearish momentum with RSI at 31.8 and MACD declining, as $800M was withdrawn from Bitcoin ETFs in a week. - Analysts caution a potential "Santa Rally" if rates cut and liquidity improves
This week, Bitcoin’s value dipped below $100,000, fueling renewed bearish sentiment as experts point to increasing macroeconomic instability, institutional withdrawals, and technical weaknesses. After reaching a high above $126,000 in early October, the cryptocurrency has dropped nearly 15%, hovering around $108,000 as of November 3, according to a
The selloff intensified after the Federal Reserve indicated a possible postponement of rate reductions, reducing risk appetite across markets. "With the dollar strengthening and the Fed slowing its easing, the environment has become less favorable for
Technical signals also indicate bearish momentum. Bitcoin’s recent fall below the $104,000 and $106,000 support levels confirmed a shift in short-term trends, with both the 9-day and 21-day moving averages now below the 200-day SMA at $109,000, as reported by a
Institutional moves have further weighed on the market. More than $800 million exited Bitcoin and
Despite the current negative outlook, some strategists warn against ruling out a possible "Santa Rally" in December. Should Bitcoin close above $113,000 for an extended period, it could negate the bearish outlook and set the stage for a rebound if quantitative tightening ends and another rate cut occurs, increasing liquidity, according to CoinPedia analysts. Still, the road to recovery is uncertain: a drop below $100,000 could open the way to $97,000, $92,870, and potentially $85,000—a 50% pullback from October’s peak, as per CryptoTicker.
Traders are now closely watching crucial price points. "Monitoring resistance at $113,000 and support at $100,000 is essential," CoinPedia stated. "A decisive move above or below this range will likely set Bitcoin’s next significant direction."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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