Bitcoin continues to struggle as its recent sell-off gains traction, pushing the world’s leading cryptocurrency below the crucial $109,000 mark. The downward momentum has intensified, and technical indicators suggest further weakness unless buyers manage to reclaim key resistance levels in the coming sessions.
After failing to hold above $110,000, Bitcoin began a sharp correction, breaking multiple short-term support levels and entering a broader bearish zone. The decline comes amid renewed uncertainty across the crypto market, as traders adopt a cautious stance following weeks of volatility.
Technical Overview: Bears Tighten Their Grip
Data from Kraken shows that Bitcoin’s decline accelerated after it slipped below $109,000 and $108,800, confirming growing bearish momentum. The price has since moved under $108,000 and the 100-hourly Simple Moving Average, signaling sustained pressure from sellers.
A bearish trend line is now forming with resistance near $109,400, reinforcing the idea that the path of least resistance remains downward. The hourly chart also indicates that BTC has already tested the 1.236 Fibonacci extension level of the recent upward move from $106,310 to $111,000, underscoring how deep the correction has run.
If bulls attempt a recovery, the first resistance lies near $108,200, followed by $108,800. Beyond that, the next key barrier sits at $109,500, aligned with the descending trend line. A successful close above that level could open the door for a short-term bounce toward $110,000 and possibly $111,500.
However, the overall market tone remains cautious, and failure to reclaim these levels could invite further downside pressure.
Key Support Levels in Focus
The immediate support sits near $106,200, with the first major floor forming around $105,500. If Bitcoin fails to hold these levels, the next target could be the $105,000 zone — a level that has historically served as a strong area of demand.
Below $105,000, additional support is located around $104,200 and $103,500. A decisive break below $103,500 would likely indicate that the short-term correction is evolving into a deeper retracement phase.
Analysts suggest that as long as Bitcoin trades below $109,000, sellers will remain in control. For buyers to regain momentum, a strong move above $110,000 is essential.
Broader Market Sentiment: Uncertainty Weighs on Risk Assets
The current Bitcoin sell-off is part of a broader downturn seen across the cryptocurrency market. Altcoins such as Ethereum, Solana, and XRP have also witnessed price declines, mirroring the weakness in Bitcoin.
Analysts attribute this pressure to cautious investor behavior amid ongoing macroeconomic uncertainty and tightening global liquidity. While there are no clear fundamental shocks driving the latest decline, short-term traders appear to be reducing exposure ahead of key macroeconomic events scheduled later in November.
The bearish tone has also been reinforced by reduced trading volumes and declining open interest in Bitcoin futures markets. This signals that institutional participation has temporarily eased as market participants await new catalysts to define direction.
Indicators Confirm Ongoing Bearish Control
The Moving Average Convergence Divergence (MACD) indicator continues to strengthen in the bearish zone, reflecting growing selling momentum. At the same time, the Relative Strength Index (RSI) has dropped below 50, indicating that bears remain in firm control of the market.
Unless RSI stabilizes or shows signs of divergence, traders expect Bitcoin to continue facing downside pressure in the near term.
Near-Term Outlook: Correction Likely to Continue
Bitcoin’s inability to reclaim the $109,000–$110,000 region highlights the persistent strength of sellers in the market. Analysts believe that BTC could retest lower supports before any sustainable recovery takes shape.
If the $105,000 level holds, it could serve as a short-term base for a rebound, potentially allowing the price to revisit $109,500. However, a daily close below $105,000 would significantly increase the likelihood of a drop toward $103,500, extending the current downtrend.
In contrast, a bullish reversal above $109,500 would likely attract renewed buying interest, setting up a move toward $111,000 or even $112,000. For now, though, the momentum clearly favors the downside.
Broader Perspective: Temporary Pain, Long-Term Opportunity
While short-term traders are feeling the sting of this correction, long-term investors may view the current decline as a potential accumulation opportunity. Bitcoin has historically rebounded strongly from similar pullbacks, particularly when fundamental demand and network activity remain robust.
Analysts note that broader market conditions — including liquidity injections, macroeconomic stability, and institutional engagement — will play key roles in determining whether Bitcoin stabilizes or slides further.
As the market heads deeper into November, the focus will be on whether Bitcoin can establish a solid base near $105,000. If this level holds, it could set the stage for a more sustainable recovery heading into the year’s final weeks.
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