Bitcoin News Today: Bitcoin's $110k Stalemate: Tug-of-War as Market Awaits Catalyst

Bitcoin held steady near $110,000 in early November as traders navigated a tight trading range defined by key support and resistance levels, according to a CoinDesk report. The cryptocurrency's price action has been characterized by a tug-of-war between bargain hunters near $111,000 and profit-takers around $117,000, creating a volatile yet structured environment ahead of the Federal Reserve's upcoming policy decision.

Technical analysis from data provider Glassnode highlights a cost-basis distribution that underscores this dynamic. Recent buying activity has clustered near $111,000, forming a supportive floor, while heavier selling pressure emerges around $117,000, capping upward momentum. Analysts suggest that a clean break above $116,000 could open the path to $119,000–$120,000, while a drop below $112,500 would likely retest the $111,000 level, the CoinDesk report added.

Recent trading patterns reflect this tug-of-war. On October 28, Bitcoin surged to $116,094 amid a spike in volume—22,844 BTC traded in a single hour, 174% above the 24-hour average—before retreating to $112,500. A second rally later that day pushed the price closer to $112,500, where buyers intervened to slow the decline, the CoinDesk report noted. Over the following 24 hours, the price slipped 1.2%, closing at $112,568, with smaller price candles indicating a temporary pause in aggressive trading.

The broader one-month chart reinforces the significance of the $111,000–$117,000 corridor. "Until Bitcoin leaves this range, expect more back-and-forth," analysts noted, emphasizing that the current consolidation reflects a market awaiting a catalyst to break the stalemate. CoinDesk Research's 200-day and 100-day moving averages—$108,000 and $115,000, respectively—serve as additional reference points for traders assessing long-term trends.

Market sentiment remains cautious, with traders adopting selective exposure amid ongoing macroeconomic uncertainty. While Bitcoin has shown resilience after a significant October liquidation event, other cryptocurrencies like Solana and XRP have led gains, drawing institutional interest as proxies for risk appetite, a CoinDesk article observed. The month of October has been described as a "dud" for Bitcoin, which is on track to post its worst performance since 2015, dampening an otherwise bullish October that historically averages over 25% returns for the asset, the same CoinDesk piece added.

Analysts stress that a definitive breakout will require a catalyst beyond technical indicators. "The market is waiting for something fresh—whether it's FOMC outcomes, macroeconomic data, or another surprise—to tip the scales," one report concluded. Until then, Bitcoin's stability near $110,000 underscores the delicate balance between bullish and bearish forces in a market primed for a directional move.