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Bitcoin Drops Below $91K as Market Faces 18% Monthly Decline
Bitcoin Market Update
- Bitcoin briefly fell below $91,000 but rebounded to around $91,500. The market remains 18% down over the past month.
- CryptoQuant data indicates major holders are in a "freeze" phase, neither buying nor selling, suggesting a potential bottom formation.
- Institutional investors are cautiously accumulating Bitcoin in small batches, waiting for a clear macroeconomic trigger.
- Bitcoin's market cap holds above $1.8 trillion, indicating support from larger players.
- Key resistance zones are identified at $93,000-$96,000 and $100,000-$108,000, with dense activity clusters between $94,000-$98,000 and $101,000-$118,000.
- A significant cluster of nearly 950,000 BTC exists around the $84,000-$85,000 zone, showing whale-level activity during price drops.
- The market is tightening as volatility decreases and institutional accumulation continues, despite overall market sentiment being weakened.
Market Outlook
- The market remains in a quiet phase as BTC maintains prices above $90K support. November may become Bitcoin’s third-worst month in the last five years.
- Historically, worse months followed the 2021 market rally and the all-time high of that year.
Bitcoin Hyper Updates
- Bitcoin Hyper (HYPER) draws attention with its presale, raising over $28.64 million. It aims to improve Bitcoin's transaction speed, costs, and smart contract support through a high-speed Layer 2 system.
- HYPER token is priced at $0.013345 in the ongoing presale, covering gas fees and supporting platform functions.