NewsBTC
Nov 7, 2025
4 0

Bitcoin Tests Crucial Support Amid $640 Million Liquidation Wave

Bitcoin Price Fluctuations

  • Bitcoin recently fell to a five-month low before rebounding, testing a critical support line.
  • The cryptocurrency dropped to an intraday low of $98,900 before bouncing back above $101,000, reaching $103,400.
  • Year-to-date gains stand at around 10%, down from an all-time high of $126,300 in October.

Market Analysis

  • Bitcoin lost the $107,000 support after trading in a range between $107,000 and $123,000 for about 130 days.
  • This led to heavy liquidations in the futures market, with approximately $640 million in long positions wiped out over 24 hours.
  • The event marked the second-largest daily long liquidation since June 2021.

Support and Resistance Levels

  • The $101,000 level is crucial; defending it could indicate a bullish trend, while falling below might lead to further losses.
  • A CME futures gap between $92,000 and $93,000 could be a target if bearish pressure persists.
  • Strong buying interest around $101,000 could prevent further declines.

Market Sentiment and Future Indicators

  • The series of liquidations increased selling pressure, but buyers capitalized on lower prices, pushing Bitcoin back to $103,000.
  • Volume and momentum will determine the durability of this demand.
  • A close relative to the ascending channel’s lower trendline near $101,000 is considered a significant signal for future moves.
  • Broader trends in US equities and large trader activity are also influencing the current market situation.