Bitcoin News Today: Can Bitcoin Hold $106K? November's Support Test Could Spark Long-Term Buying

Bitcoin closed October in bear territory, with prices dropping nearly 3.4% for the month amid geopolitical tensions and market volatility. The cryptocurrency hit a record high of $126,000 in early October but fell to as low as $104,600 following President Donald Trump's new tariff announcement against China, triggering over $19 billion in liquidations within 24 hours, according to a Yahoo Finance report. Despite a modest 0.54% gain in the final 24 hours of the month, as noted in a Bitget report, Bitcoin's 7-day decline underscored persistent uncertainty. Analysts and institutions are now weighing whether November could bring a rebound or further consolidation.

The bearish sentiment was amplified by cautious institutional voices. Hargreaves Lansdown, the UK's largest retail investing platform, warned clients against relying on Bitcoin for financial goals, calling it "much riskier" than stocks and bonds and lacking "intrinsic value", as the Yahoo Finance report noted. This came as the UK's Financial Conduct Authority lifted its ban on crypto exchange-traded notes, reigniting debates about retail access to volatile assets. Meanwhile, Sequans Communications SA sold 970 BTC to reduce debt, cutting its holdings from $189 million to $94.5 million, according to an Investor Empires article. The move, however, did not deter other firms from expanding their Bitcoin treasuries. Prenetics Global Limited, a health sciences company, spent $11 million to purchase 100 BTC, boosting its total holdings to 378 BTC ($41 million), per an Investor Empires report on Prenetics. Steak 'n Shake launched a promotion offering $5 in Bitcoin per meal through the Fold app, according to a CryptoNews story.

Technical indicators suggest Bitcoin could test critical support levels in November. The 200-week simple moving average (SMA), currently around $54,750, remains significantly below the 2021 cycle peak of $70,000, a CoinDesk piece argued. Historically, bull markets have ended when the 200-week SMA approaches prior peaks, but analysts argue Bitcoin could still be in a broader uptrend if it holds above $106,600 — a key support level after a 19% drop in late October, according to TradingView. A break below that threshold could push prices toward $98,000–$100,000, a potential buying zone for long-term investors.

Market dynamics are further complicated by macroeconomic factors. The Federal Reserve's October rate cut and ongoing geopolitical risks have kept Bitcoin in a volatile, rangebound state, a trend highlighted in the Bitget report. ETF outflows have also pressured prices, with spot Bitcoin ETFs losing $1.3 billion since October 29, the Investor Empires piece on Sequans reported. Yet institutional confidence remains strong, with companies like Prenetics and American Bitcoin Corp — which mined 563 BTC and purchased 2,451 BTC in Q3 — continuing to accumulate the asset, as noted in the CoinDesk piece.

November's trajectory may hinge on two key factors: the Federal Reserve's December meeting and the broader adoption of Bitcoin in mainstream commerce. If the Fed signals further rate cuts, Bitcoin could regain momentum, particularly as firms like Steak 'n Shake integrate crypto into daily transactions, the CryptoNews story suggested. Conversely, a lack of policy clarity or renewed ETF outflows could prolong the bearish trend.