Bitcoin News Today: Bitcoin Hits $100K: Can Bears Take Control or Will a Festive Rally Begin?

This week, Bitcoin’s value dipped below $100,000, fueling renewed bearish sentiment as experts point to increasing macroeconomic instability, institutional withdrawals, and technical weaknesses. After reaching a high above $126,000 in early October, the cryptocurrency has dropped nearly 15%, hovering around $108,000 as of November 3, according to a

. This downward move has sparked discussions about whether the $88,000 realized price—the average entry point for active investors—can continue to serve as a crucial support, as highlighted by .

The selloff intensified after the Federal Reserve indicated a possible postponement of rate reductions, reducing risk appetite across markets. "With the dollar strengthening and the Fed slowing its easing, the environment has become less favorable for

," analysts at Crypto.News observed, emphasizing that crypto’s lack of yield makes it especially sensitive during periods of tight monetary policy. Additional pressure came from escalating U.S.-China trade disputes and global geopolitical tensions, which further fueled risk aversion and led to widespread digital asset liquidations.

Technical signals also indicate bearish momentum. Bitcoin’s recent fall below the $104,000 and $106,000 support levels confirmed a shift in short-term trends, with both the 9-day and 21-day moving averages now below the 200-day SMA at $109,000, as reported by a

. The daily Relative Strength Index (RSI) has dropped to 31.8, pointing to oversold territory but showing no bullish divergence to suggest a rebound. At the same time, the MACD remains deeply negative, with expanding histogram bars highlighting growing downward pressure.

Institutional moves have further weighed on the market. More than $800 million exited Bitcoin and

ETFs last week as long-term investors reduced their holdings, according to CoinPedia analysts. This comes after a weak October—Bitcoin’s first negative October since 2018—when it ended the month down 3.6% amid widespread caution, as noted by Crypto.News.

Despite the current negative outlook, some strategists warn against ruling out a possible "Santa Rally" in December. Should Bitcoin close above $113,000 for an extended period, it could negate the bearish outlook and set the stage for a rebound if quantitative tightening ends and another rate cut occurs, increasing liquidity, according to CoinPedia analysts. Still, the road to recovery is uncertain: a drop below $100,000 could open the way to $97,000, $92,870, and potentially $85,000—a 50% pullback from October’s peak, as per CryptoTicker.

Traders are now closely watching crucial price points. "Monitoring resistance at $113,000 and support at $100,000 is essential," CoinPedia stated. "A decisive move above or below this range will likely set Bitcoin’s next significant direction."