Bitcoin Updates Today: Will Bitcoin Maintain $106K? November Support Level May Trigger Sustained Buying
Bitcoin ended October on a bearish note, declining by almost 3.4% over the month as global tensions and unstable markets weighed on prices. The digital asset reached a peak of $126,000 at the start of October but dropped to $104,600 after President Donald Trump announced new tariffs on China, which led to over $19 billion in liquidations within a single day, according to
Negative sentiment was heightened by warnings from major institutions. Hargreaves Lansdown, the UK’s top retail investment platform, cautioned its users against using
Technical analysis points to Bitcoin potentially retesting important support levels in November. The 200-week simple moving average (SMA), now near $54,750, is still well below the 2021 cycle high of $70,000, as discussed in a
Broader economic forces are also shaping the market. The Federal Reserve’s rate cut in October and ongoing geopolitical uncertainties have kept Bitcoin trading within a volatile range, as highlighted by Bitget. Outflows from Bitcoin ETFs have added to the downward pressure, with spot Bitcoin ETFs seeing $1.3 billion in withdrawals since October 29, according to Investor Empires’ coverage of Sequans. Nevertheless, institutional interest remains robust, with companies like Prenetics and American Bitcoin Corp — which mined 563 BTC and bought 2,451 BTC in the third quarter — continuing to build their Bitcoin reserves, as noted by CoinDesk.
The direction Bitcoin takes in November may depend on two main factors: the Federal Reserve’s upcoming December meeting and the extent to which Bitcoin is adopted in mainstream business. If the Fed hints at more rate cuts, Bitcoin could regain strength, especially as businesses like Steak 'n Shake bring crypto into everyday spending, according to CryptoNews. On the other hand, continued uncertainty in policy or further ETF outflows could extend the current bearish trend.
