Bitcoin News Today:

Bitcoin faces renewed pressure as market dynamics shift amid diverging whale behavior and macroeconomic headwinds. The cryptocurrency traded near $103,000 on Tuesday, down 2% after a sharp selloff pushed it below $97,000 earlier in the week, marking its lowest level since May. The decline has triggered significant losses for new whales-short-term holders with large balances-whose positions are now trading below their average cost basis of $110,000 according to reports. Between November 4 and 9, these investors lost over $1.3 billion, according to CryptoQuant analyst MorenoDV. The selling spree, driven by leveraged positions unwinding and panic-driven exits, has reduced Bitcoin's open interest by 11.3% in seven days.

Amid the turmoil, strong-conviction whales are accumulating, contrasting with the flight of medium-sized holders. While "Dolphins" (holders of 100–1,000 BTC) cut their accumulation by nearly half to 81.4535K BTC, "Great Whales" (>10K BTC) doubled their holdings to 62.8957K BTC. This divergence suggests a structural shift in market dynamics, with long-term investors stepping in as speculative capital retreats. Meanwhile, Bitcoin's monthly loss has reached 13.4%, with over $450 billion in value erased since October.

The selloff has been exacerbated by weak ETF flows, spot Bitcoin ETFs recorded $278 million in outflows on November 13. Long-term holders sold 815,000 BTC-worth $79 billion over 30 days, the largest such sell-off since January 2024. Institutional demand has also waned, compounding downward pressure. Bitcoin miners contributed to the decline, offloading 1,200 BTC ($119 million) in the past week.

Technical indicators reinforce the bearish narrative. Bitcoin broke below its 200-day moving average at $108,365 and the 78.6% Fibonacci retracement level at $101,901. The RSI dipped to 36, nearing oversold territory, while the MACD histogram hit -362, signaling strong bearish momentum according to analysts. Analysts warn that a close below $97,045 could open the path to $92,000, with $101,000 serving as a potential short-term relief level.

Macro factors further weigh on sentiment. The Federal Reserve's delayed rate decision and broader market uncertainty have spooked investors, with Bitcoin reacting sharply to risk-off moves in equities and bond yields. Derivatives markets reflect deepening caution, with over $553 million in crypto positions liquidated in a single day and $4.04 billion in BTC options expiring. Demand for protective puts at $95,000 and $90,000 has surged, highlighting the market's focus on downside risk.

Despite the gloom, some analysts see potential for stabilization. The aggressive deleveraging could pave the way for a structural recovery by purging speculative leverage. However, the coming days will test whether the recent selloff is a final shakeout or a prelude to deeper stress. For now, Bitcoin's ability to hold key support levels will determine whether the bearish trend accelerates or gives way to a rebound.