Bitcoin price soared to $103,500 today, marking a significant rebound after a tumultuous trading week. The cryptocurrency had opened the day close to $100,000, but as market trades progressed, it climbed to highs of $103,859. Earlier this week, Bitcoin suffered a sharp decline, falling below the $100,000 mark for the first time since June on November 4. This drop was prompted by a combination of macroeconomic factors, political developments, and waning risk appetite, which saw Bitcoin plummet to around $99,070—over 20% down from its October peak of $126,000—thus entering a bear phase.
This recent sell-off can be traced back to significant liquidation events and a series of high-profile hacks throughout October, combined with ongoing trade tensions with China. The effect of the Federal Reserve’s hawkish stance added to the downward pressure on Bitcoin’s price. During the latest Fed press conference, Chairman Jerome Powell noted that potential rate cuts in December remain undecided, which sent Bitcoin’s price tumbling to $109,000 on that very day. Following this, the price continued to decline throughout the week.
In his comments, Powell acknowledged that inflation, excluding tariff impacts, is “not so far” from the central bank’s 2% target, but he stressed that policymakers hold “strongly differing views.” A robust U.S. dollar further exacerbated the situation, with technical charts revealing Bitcoin’s struggle around its 200-day moving average and support seen near $96,000.
Despite the volatility, some market participants remain optimistic. Notably, Michael Saylor’s firm has been actively purchasing more Bitcoin, demonstrating cautious confidence in the asset. Meanwhile, major institutions like JPMorgan have maintained a bullish outlook, projecting a potential rise to $170,000 in the next 6 to 12 months based on perceived undervaluation relative to gold and the conclusion of heavy deleveraging in the market.
As of today, Bitcoin has been trading within a confined support corridor of $100,000 to $102,000, encountering resistance between $106,000 and $114,000. Short-term buyers have exhausted their momentum, while on-chain data suggests a tug-of-war between capitulating short-term holders around the $107,000 to $110,000 mark and long-term holders defending the $95,000 to $96,000 range.
Institutional flows indicate a tentative accumulation phase, with U.S. spot Bitcoin ETFs recording inflows of $240 million after six consecutive days of withdrawals totaling $2.05 billion, driven primarily by players such as BlackRock and Fidelity. In parallel, whale activity indicates profit-taking as over 319,000 BTC that had been dormant for six to twelve months were reactivated in the past month.
Amid these fluctuations, Cathie Wood recently revised ARK Invest’s 2030 Bitcoin price forecast from $1.5 million to $1.2 million, attributing the adjustment to the increasing role of stablecoins in transactions while reaffirming Bitcoin’s long-term identity as “digital gold.” Galaxy Digital has also lowered its year-end Bitcoin target from $185,000 to $120,000, citing factors such as whale selling and shifts into other assets, describing the current market as entering a “maturity era.”
