Bitcoin News Today: Bitcoin Faces $109K Support Challenge: Falling Below May Trigger Drop to $93K, Holding Steady Could Lead to $107K

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Bitget-RWA2025/11/07 18:02

By:Bitget-RWA

Bitcoin's ability to remain above $100,000 has become a major point of interest among traders. However, experts caution that the $109,200 support area could be pivotal in determining whether the cryptocurrency maintains its current levels or experiences a sharper pullback, as highlighted in a

Seeking Alpha report

. The 4-hour chart for Bitcoin displays a downward channel, with buyers entering the market just above the crucial $100,000 support. Should this threshold be breached, it could spark a wave of selling down to $93,000. Conversely, a strong bounce could propel the price toward the $107,300 pivot, which aligns with the 50-period moving average, according to the report. In addition, Bitcoin's volatility is anticipated to rise as institutional investors, such as Steak 'n Shake's treasury activity, inject bullish sentiment ahead of November—a month that has historically seen strong performance, according to a

Coinpedia price prediction

Ethereum (ETH) is currently in a fragile technical position, with sellers recently pushing the price below the $3,350 support, indicating renewed downward momentum, as per

Cointelegraph price predictions

. The daily chart for ETH shows a narrowing Bollinger Band squeeze, often a sign that a significant move could be imminent.

Bitcoin News Today: Bitcoin Faces $109K Support Challenge: Falling Below May Trigger Drop to $93K, Holding Steady Could Lead to $107K image 0

Analysts point out that Ethereum's RSI remains in oversold territory, which could signal a short-term bounce. However, for a recovery to be confirmed, ETH must break through the key resistance between $3,500 and $3,600, according to a

Coinpedia analysis

. If the price fails to stay above $3,000, the decline could extend to $2,500, though crypto analyst Ted notes that $3,000 has historically served as a strong support, as mentioned in the Coinpedia price prediction.

XRP's recent price movement has echoed Ethereum's challenges, having dropped below the $2.19 support and now testing the $1.61 mark, according to Cointelegraph price predictions. The coin's consolidation around $2.20 may indicate an accumulation phase, further supported by Ripple's choice to keep 25% of its tokens—a decision analysts see as a sign of confidence in future demand, as suggested by the Coinpedia analysis. Still, if XRP falls below $2.00, it could head toward $1.70, while a move above the 20-day EMA ($2.46) could renew buying interest, based on Cointelegraph's outlook.

The overall crypto market remains cautious, with a total market cap of $3.71 trillion, a Fear & Greed Index at 33 (indicating extreme fear), and an average RSI of 46.3, according to the Coinpedia price prediction.

BNB

(BNB) and

Solana

(SOL) are also under bearish pressure, with BNB hovering near $860 support and

SOL

struggling with oversold RSI readings and falling moving averages, as reported by Cointelegraph price predictions.

Dogecoin

(DOGE) and

Cardano

(ADA) are experiencing similar technical uncertainty, and no clear triggers for a rebound have been identified, the Coinpedia price prediction added.

Despite the current bearish mood, institutional involvement and historical seasonal patterns may provide some optimism. Bitcoin's average return of 42.5% in November since 2013, along with its proximity to important moving averages, could set the stage for a late-month rally if buyers defend the $109,200 level, according to the Coinpedia price prediction. For

Ethereum

and XRP, a reduction in Bitcoin's liquidity could open the door for independent recoveries, especially if traders shift from

BTC

to altcoins, the Coinpedia analysis concluded.

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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Bitget-RWA•2025/11/08 00:22

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