Bitcoin Price Stalls Under $105K as November Rally Faces Headwinds
Bitcoin price remained trapped below the $105,000 mark after slipping to a low of $103,009, marking a 2.8% drop on Tuesday. Despite registering $524 million in spot Bitcoin ETF inflows led by BlackRock’s IBIT and Fidelity’s FBTC, analysts warn that historic November rallies may not materialize. Range-bound trading between $100,000 and $115,000 persists as long-term holders accelerate selling, offloading approximately 104,000 BTC per month—the highest level since July.
On-chain data from Bitfinex and QCP highlights ongoing distribution, with market sentiment only marginally improved. Technical indicators point to resistance at the $106,000–$107,000 zone and a risk of retesting $100,000, especially if large-holder dumps continue. The CME gap at $104,000 has already been filled, and further selling pressure could push price back toward six-figure support. Federal Reserve divisions over rate cuts add macro uncertainty, while trader observations underscore reliable gap closures in early November trading.
In summary, Bitcoin price appears poised for prolonged consolidation, with spot Bitcoin ETF inflows failing to absorb heavy supply. Traders should monitor long-term holder activity and ETF demand as key drivers for any sustained upward movement.
Bearish
Persistent selling by long-term holders, coupled with range-bound trading between $100,000 and $115,000, signals limited upward momentum for Bitcoin price. Despite $524 million in spot Bitcoin ETF inflows, ETF demand has failed to absorb the heavy supply dumped by large holders. Technical analysis highlights resistance at $106,000–$107,000 and a recent CME gap fill at $104,000, both indicating a bias toward retesting the $100,000 support level. Historical patterns—such as reliable gap closures in early November—suggest continued vulnerability in the short term. Macro uncertainty from divided Federal Reserve views further dampens bullish outlook. Unless spot ETF inflows accelerate significantly or new buying demand emerges, bearish pressure is likely to persist in both the short and medium term.