Bitcoin price dips below key supports amid institutional sell-off
On November 8, Bitcoin price fell below the $102,000 support level, triggering short-term bearish sentiment amid technical resistance near $103,000–$105,000 and broader economic pressures. By November 11, intensified institutional selling and profit-taking drove Bitcoin price under $106,000, with automated sell orders pushing it to $105,954. Technical indicators now point to support around $104,000 and $103,000, while resistance remains near $108,000. Traders should monitor volume trends, key support levels, and institutional flows for reversal signals. Recommended strategies include dollar-cost averaging, setting stop-loss orders, and diversifying across digital assets to manage volatility. Although the short-term impact is bearish, such Bitcoin price corrections are common in bull markets, cleaning out weak hands and offering long-term buying opportunities.
Bearish
The breach of multiple support levels and accelerated automated sell orders following institutional profit-taking have intensified short-term bearish sentiment. Traders are likely to see continued downward pressure until key supports at $104,000 and $103,000 hold. However, in a broader bull market context, these corrections often strengthen market structure and present buying opportunities for long-term holders, suggesting a mixed outlook: bearish in the near term but neutral to slightly bullish over the long term.