Today, Bitcoin’s price soared to $103,500 after experiencing a week marked by significant volatility in trading. Initially starting near $100,000, the cryptocurrency demonstrated resilience by rebounding to a peak of $103,859 throughout the day’s market activity.

Earlier in the week, Bitcoin fell below the $100,000 threshold for the first time since June, hitting a low of $99,070 on November 4.

This recent decline was attributed to macroeconomic pressures, political developments, and a waning appetite for risk, causing Bitcoin to drop over 20% from its October peak of $126,000, thereby technically entering a bear market.

The sell-off followed a series of significant liquidation events in October, alongside multiple hacks and trade tensions with China.

The Federal Reserve’s hawkish stance, which included modest rate cuts and indications that further reductions may be uncertain, negatively influenced market sentiment.

During the last Federal Reserve press conference, Jerome Powell indicated that rate cuts in December are not guaranteed, prompting an immediate reaction in Bitcoin’s price, which fell to $109,000 on that day. This downward trend persisted into the current week, with the broader cryptocurrency market exhibiting similar patterns.

Powell articulated that inflation, excluding tariff impacts, is “not so far” from the central bank’s 2% target, but emphasized that policymakers hold “strongly differing views” regarding future decisions.

Nonetheless, certain market participants, including Michael Saylor’s firm, continue to exhibit confidence by purchasing during dips, suggesting a cautious optimism regarding Bitcoin’s future performance.

Bitcoin Price Technical Analysis

In spite of recent volatility, major financial institutions like JPMorgan remain optimistic, projecting a potential increase to $170,000 within the next 6 to 12 months, citing Bitcoin’s undervaluation relative to gold and the conclusion of considerable deleveraging.

Technical indicators present mixed signals. As of today, Bitcoin has been oscillating within a tight support corridor of $100,000 to $102,000 while facing resistance in the range of $106,000 to $114,000.

Short-term buyers appear to have exhausted their momentum, while on-chain data reveals tensions between short-term holders capitulating at $107,000 to $110,000 and long-term holders defending levels around $95,000 to $96,000.

Recent institutional flows reflect tentative accumulation: following six days of withdrawals totaling $2.05 billion, U.S. spot Bitcoin ETFs observed inflows of $240 million, primarily driven by BlackRock and Fidelity.

Whale activity suggests a trend of profit-taking rather than heightened panic, with over 319,000 BTC reactivated in the past month, predominantly from assets held between six to twelve months.

Recently, Cathie Wood revised ARK Invest’s 2030 Bitcoin forecast downward from $1.5 million to $1.2 million, citing stablecoins increasingly fulfilling Bitcoin’s transactional role, while reiterating its long-term potential as “digital gold.”

Similarly, Galaxy Digital adjusted its year-end Bitcoin target from $185,000 to $120,000, attributing the change to whale selling, rotations into different assets, and leveraged liquidations, while characterizing the market as entering an era of maturity.

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