Bitcoin News Today: Bitcoin’s $106K Floor Turns Into Key Battle Zone Between Bulls and Bears Amid Diverging Derivatives
- Bitcoin fluctuates near $100K as price drops 2.7% in 24 hours, with 14% decline from its $126K all-time high. - Derivatives data shows 62.6% higher trading volume but falling open interest, signaling short-term uncertainty and position closures. - Binance's CVD indicator drops to 0.777 from 0.91, suggesting waning demand from large traders despite stable BTC prices. - Technical indicators highlight $106K support and $111K resistance, with risks of stagnation if CVD falls below 0.70. - Institutional deman
Bitcoin fluctuates around $100K as
On November 2, Bitcoin's value dropped beneath $108,000, reflecting a 2.7% loss over the previous day amid evolving market conditions. The digital asset is now priced at $107,607, down 14% from its record high of $126,080 reached on October 8. Despite this, trading volume over the last 24 hours jumped 62.6% to $44.3 billion, indicating increased short-term activity. However, derivatives and exchange data point to weakening bullish sentiment, according to a
These conflicting signals arise as
Binance, the largest cryptocurrency exchange globally, has become central to gauging market mood. The exchange’s cumulative volume delta (CVD)—which measures the balance between buying strength and price movement—fell to 0.777 at the beginning of November, down from 0.91 in October. According to Arab Chain, a contributor to CryptoQuant, this drop points to declining interest from major traders even as Bitcoin’s price remains relatively steady, as reported by Crypto.News.
The gap between buying activity and price trends is raising doubts about the durability of current support levels. Although Bitcoin has stayed above $106,000, experts warn this stability may be due to market positioning and sentiment rather than new capital inflows. Coindream, another CryptoQuant contributor, observed that Binance’s Bitcoin holdings have increased during the price downturn, further indicating a weakening bullish stance, according to Crypto.News.
Technical signals are currently bearish, with crucial support at $106,000 and resistance near $111,000. If the CVD drops below 0.70, a correction or period of stagnation could follow, prompting a broader reevaluation of market fundamentals, warns Crypto.News. Nevertheless, despite these short-term challenges, the overall market outlook remains constructive, with institutional interest and macroeconomic trends continuing to influence Bitcoin’s path.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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