Bitcoin has regained footing after a turbulent week of selling pressure, reclaiming crucial support levels and signaling early signs of recovery. Bulls are cautiously stepping back in, though conviction remains limited as the $110K resistance — a key psychological and technical barrier — has yet to be tested.
According to CryptoQuant data, underlying market dynamics suggest that a continuation of current momentum could fuel a potential surge toward $115K. The rebound follows a period of heightened liquidations and bearish sentiment that briefly pushed Bitcoin below $100K, triggering panic among short-term traders.
On-chain metrics now show improving stability across several fronts. Spot exchange outflows have increased, suggesting that investors are once again moving BTC into self-custody, a sign of renewed holding behavior. At the same time, derivatives market data indicates cooling open interest and reduced leverage — conditions that historically precede healthier, more sustainable uptrends.
Top analyst Axel Adler highlights that Bitcoin’s Short-Term Holder (STH) MVRV ratio has shown early signs of recovery following last week’s sharp correction. On November 7, the metric reached a local low of 0.9124, nearing the lower boundary of its historical range — a zone that has often aligned with short-term market bottoms.
As of today, the STH MVRV has climbed to 0.9514, signaling that selling pressure among short-term holders may be easing. This stabilization suggests a potential shift from capitulation to recovery, as traders who bought at higher levels begin to reduce loss-taking behavior.
Historically, when the STH MVRV holds above 0.92 and begins trending upward, it often precedes a renewed bullish impulse. Adler notes that if this pattern continues, the metric could rise toward the upper boundary of its range, typically associated with price levels between $115K and $120K.
This trend aligns with Bitcoin’s recent technical rebound and improving on-chain sentiment. While further confirmation is needed, maintaining the MVRV above this critical threshold could indicate that the market has absorbed much of the short-term selling pressure — laying the groundwork for a potential recovery phase in the weeks ahead.
Bitcoin is showing early signs of recovery after a volatile drop below $100K, reclaiming key technical levels and stabilizing near $105,000. The daily chart shows a short-term bullish reaction following the bounce from the 200-day moving average (red line) — a critical dynamic support level that has repeatedly marked the bottom of corrective phases throughout this cycle.
However, the broader trend remains cautious. The 50-day (blue) and 100-day (green) moving averages are above the current price, and both are flattening, signaling that momentum remains weak. A decisive breakout above the $108K–$110K resistance zone is needed to confirm a potential trend reversal and shift sentiment.
If Bitcoin maintains support above $103K and consolidates with rising volume, the next target could align with the $115K region — in line with on-chain signals pointing to a recovery. Conversely, a breakdown below $100K could reopen downside risk toward $95K.
Featured image from ChatGPT, chart from TradingView.com
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