Bitcoin Dips to $106,000, Eyes November Recovery

Bitcoin Magazine

Bitcoin Dips to $106,000, Eyes November Recovery

Bitcoin has extended its downward trajectory, plunging to $105,200 today after a turbulent beginning to November. This downturn marks the end of an impressive seven-year streak known as “Uptober.”

Closing out October with a 4% loss—the first negative October since 2018—Bitcoin faces mounting selling pressure due to stricter financial conditions, cautious institutional investments, and broader macroeconomic challenges.

This latest correction follows an early October flash crash that saw Bitcoin plunge to $104,000, erasing much of its Q3 progress. Despite a brief recovery, BTC remains approximately 14% below its recent high, which approached $125,000.

Currently, Bitcoin is priced at $106,234.

Recent technical charts indicate that Bitcoin has recently tested three significant support levels and has swept liquidity beneath these points.

On the daily chart, BTC has maintained a crucial low within a demand zone that has historically served as a robust support area. This region has previously prevented hasty sellers from exiting positions and may provide short-term support once again.

Examining the 15-minute chart reveals a developing demand zone where Bitcoin could respond before making its next significant move, potentially aiming for liquidity above the current highs. Traders familiar with these patterns often observe that markets tend to set up for movements that leave anxious participants behind.

JUST IN: #Bitcoin dips to $105,545

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On-chain metrics provide further context regarding Bitcoin’s current standing. The Short-Term Holder (STH) Realized Price, reflecting the average entry price for recent buyers, hovers around $113,000.

This level has historically functioned as a dynamic support zone, fostering accumulation and subsequent price increases.

Staying above this critical threshold suggests that short-term participants are maintaining their positions, which could signal potential bullish behavior in the future.