"Bitcoin price has extended its losses, dipping to lows of $105,200 today, following a volatile start to November and ending a remarkable seven-year "Uptober" streak. After closing October with a 4% decline - the first negative October since 2018 - Bitcoin price faces increased selling pressure amid tighter financial conditions, cautious institutional flows, and macroeconomic headwinds. The recent correction follows an early-October flash crash that dragged Bitcoin down to $104,000, wiping out much of its Q3 momentum."
"Technical charts reveal that Bitcoin recently tested three support lows before sweeping liquidity beneath them. On the daily timeframe, BTC held a key low within a demand area, which historically has been a strong support level. This zone previously trapped impatient sellers before a bounce, suggesting that BTC may once again find short-term support here. Zooming into the 15-minute chart, a clean demand zone is forming where Bitcoin could react before making its next directional move, potentially targeting liquidity above current highs."
"On-chain data offers further insight into Bitcoin's current position. The Short-Term Holder (STH) Realized Price, which represents the average cost basis for recent buyers, sits around $113,000. Historically, this level has acted as a dynamic support zone, providing a foundation for accumulation and future upward moves. Holding above this line signals that short-term participants are at breakeven or slight profit, bolstering market confidence."
Bitcoin recently extended losses to lows near $105,200 and was trading around $106,234, ending a seven-year 'Uptober' streak. October closed down about 4%, the first negative October since 2018, amid tighter financial conditions, cautious institutional flows, and macroeconomic headwinds. An early-October flash crash had pushed BTC to about $104,000, erasing much Q3 momentum; BTC remains roughly 14% below its near-$125,000 peak. Technical charts show tests of three support lows with liquidity swept beneath them, while daily and 15-minute demand zones suggest potential short-term support. On-chain metrics show the STH Realized Price near $113,000, indicating possible support and breakeven for recent buyers.
Read at Bitcoin Magazine
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