Bitcoin News Today: Bitcoin's $109K Support Test: Break Below Risks $93K Slide, Hold Could Push to $107K

Bitcoin's resilience above $100,000 has become a critical focal point for traders, but analysts warn that the $109,200 support level could determine whether the asset sustains its current position or faces a deeper correction, according to a Seeking Alpha report. The cryptocurrency's 4H chart shows a descending channel pattern, with buyers stepping in just above the $100,000 main support zone. A breakdown below this level could trigger a cascade of selling toward $93,000, while a sustained rebound might push prices toward the $107,300 pivot zone, aligned with the 50-period moving average, the report notes. Meanwhile, Bitcoin's volatility is expected to spike as institutional allocations, including Steak 'n Shake's treasury moves, add bullish momentum ahead of November's historically strong performance period, according to a Coinpedia price prediction.

Ethereum (ETH) faces a precarious technical setup, with bears having recently broken below the $3,350 support level, signaling renewed downward pressure, according to Cointelegraph price predictions. The asset's daily chart reveals a tightening Bollinger Band squeeze, a precursor to potential sharp moves.

Analysts note that Ethereum's RSI remains oversold, hinting at a possible short-term reversal, but critical resistance between $3,500–$3,600 must be cleared to confirm a rebound, according to a Coinpedia analysis. A failure to hold above $3,000 could extend the decline to $2,500, though crypto analyst Ted highlights that the $3,000 level has acted as a historical floor, the Coinpedia price prediction noted.

XRP's price action mirrors Ethereum's struggles, having slipped below the $2.19 support and now testing the $1.61 level, Cointelegraph price predictions noted. The altcoin's consolidation near $2.20 suggests a potential accumulation phase, bolstered by Ripple's decision to retain 25% of its token supply—a move analysts interpret as confidence in long-term demand, the Coinpedia analysis suggested. However, a breakdown below $2.00 could send XRP toward $1.70, while a rebound above the 20-day EMA ($2.46) might reignite buying interest, per Cointelegraph's price predictions.

The broader market remains in a cautious stance, with a total capitalization of $3.71 trillion but a Fear & Greed Index at 33 (extreme fear) and a neutral RSI average of 46.3, the Coinpedia price prediction reported. BNB (BNB) and Solana (SOL) also face bearish pressures, with BNB testing support near $860 and SOL grappling with oversold RSI levels and declining moving averages, according to Cointelegraph price predictions. Dogecoin (DOGE) and Cardano (ADA) remain in similar technical limbo, though no immediate catalysts for rebounds have emerged, the Coinpedia price prediction added.

Institutional interest and historical seasonal trends offer a counterbalance to the near-term bearishness. Bitcoin's 42.5% average November return since 2013, coupled with its proximity to key moving averages, suggests a potential late-month surge if buyers defend $109,200, the Coinpedia price prediction observed. For Ethereum and XRP, the drying up of Bitcoin's liquidity could create opportunities for independent rebounds, particularly if sellers exit BTC and rotate into altcoins, the Coinpedia analysis concluded.