Bitcoin Dips Below $109K After Rally, $108K Support Focus
Bitcoin price pulled back from recent highs, sliding from above $111,000 to $108,980 as traders grapple with macroeconomic uncertainty and ETF flows.
On October 30, Bitcoin dipped below $110,000, marking a 1.38% intraday fall to $109,975, with OKX data highlighting increased selling pressure.
By November 1, the price had dropped another 1.09% to $108,980, pointing to potential consolidation around the key $108,000 support zone.
Traders may view this dip as a buying opportunity, though the broader Bitcoin trend remains tied to global risk appetite, regulatory updates and ETF inflows.
Monitoring trading volume and resistance near $110,000 will be critical in the next session, underscoring Bitcoin’s volatility and the need for disciplined risk management.
Bearish
Bitcoin’s recent declines below key support levels at $110,000 and $109,000, as shown by consecutive intraday drops of 1.38% and 1.09%, signal growing selling pressure and heightened volatility. In the short term, this downward momentum may prompt further cautious trading, with price consolidation around the $108,000 support zone crucial for stability. While some traders may capitalise on these pullbacks as accumulation opportunities, the prevailing macroeconomic uncertainty and pending ETF flows could prolong corrective pressure. Over the longer term, Bitcoin’s trajectory will hinge on broader risk appetite, regulatory clarity, and institutional demand through ETFs, making the immediate outlook predominantly bearish until clear bullish catalysts emerge.