The Bitcoin price is continuing to drop, with a low of $105,200, after a volatile November. ending Seven years of remarkable progress “Uptober” streak.
After closing October with a 4% decline — the first negative October since 2018 — Bitcoin price faces increased selling pressure amid tighter financial conditionsThe macroeconomic environment is characterized by a cautious institution flow and macroeconomic tailwinds.
A flash crash in early October triggered the recent correction. dragged Bitcoin down to $104,000This has wiped out much of the momentum it had gained during Q3. BTC is still roughly 14% lower than its previous peak of $125,000 despite a partial recover.
Bitcoin’s price at the moment of this writing is $106,234.
Bitcoin analysis
Charts and diagrams reveal Bitcoin has recently reached three lows of support before the liquidity swept them under.
BTC was holding a low key on the daily time frame, within an area of demand, that historically has served as a solid support level. This area previously trapped sellers who were impatient before the bounce. BTC might find some short-term help here.
On the 15-minute graph, there is an area of clean demand where Bitcoin may react, before it makes its next move. This could be a target for liquidity, above current levels. Markets often anticipate moves, leaving panicked participants in the dust.
The data on the blockchain can provide additional insight to Bitcoin’s position. The STH (Short-Term Holder) Realized price, which is the cost basis of recent buyers on average, stands at around $113,000.
Historically, the level of this level has served as a dynamic support zoneThis is a good foundation to build on for future growth and accumulation.
If you hold above the line, it means that participants on short-term contracts are breaking even or slightly in profit. It boosts confidence.
This ratio also shows potential for upside. The resistance level is between $160,000 to $200,000 if you multiply the STH realized price by historic MVRV thresholds. This aligns with previous cycle patterns.
Long-Term Holder (LTH) MVRV metrics reinforce this outlook, suggesting diminishing returns but potential peaks around $163,000–$165,000.
Rolling MVRV frameworks, including two-year and 100-day analyses, indicate that BTC is still in an accumulation-friendly range, capturing optimal points for entering the market ahead of the next bullish phase.
How soon will Bitcoin reach $200,000?
Tom Lee, Fundstrat’s Tom Lee remained bullish on Bitcoin, predicting it could still surge to $150,000–$200,000 by the end of 2025 despite recent market turbulence.
He noted that the mid-October liquidation event — the largest in crypto history, even bigger than FTX — occurred just weeks ago.
Today, Strategy announced The company’s aggressive Bitcoin-accumulation strategy was reinforced by the purchase of 397 BTC worth $45.6 Million, at an average BTC price of $114.771, which they paid for.
In a SEC 8K Form 8 filed by Strategy on November 3, 2020, the company reported that it now owns a total amount of 641205 BTC. This represents an acquisition cost of $47.59 billion with an average purchase price per BTC of $74,057, fees included.
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Source: bitcoinmagazine.com
