Bitcoin Enters Critical Phase, Challenges $100,000-$110,000 Price Range

Bitcoin is at a critical juncture as it navigates a narrow trading range. Key highlights include:

Bitcoin's price dropped from $123,500 on Oct. 6 to a low of $99,900 by Nov. 4, before recovering to around $106,350.
The coin remains about 14% below its early October peak.
Technical analysis indicates a "do-or-die" phase, with the 200-day moving average near $110,000 serving as a significant resistance level.
Long upper wicks on recent candles suggest buyer resistance, and the 12-month simple moving average has flattened, indicating slowing momentum.
Resistance is strong in the $108,000–$110,000 zone, with potential for altcoins to outperform if this range is breached.
Institutional activity includes Michael Saylor’s firm purchasing 487 BTC, while exchange-traded funds saw $1.22 billion in outflows last week.
Market sentiment has improved slightly, with CoinMarketCap’s Fear and Greed Index rising to 29 from 24.
Traders see a 28% probability of Bitcoin reaching $130,000 or higher this year.
Short-term catalysts include US political developments and fiscal measures.

Currently, Bitcoin is trading within a tight range. A move above $110,000 could boost buying confidence, whereas falling below $100,000 might trigger further declines. Observing these levels will be crucial in determining whether this period marks a brief pause or a significant turning point.