Bitcoin News Today: Bitcoin's Slide: Spot Trading Surge Can't Counter Bearish Technicals

Bitcoin's price slid below $108,000 on Nov. 2, signaling growing bearish pressure as technical indicators and exchange data suggest waning momentum for the world's largest cryptocurrency. The decline comes amid shifting investor behavior toward spot trading over leveraged positions, a trend analysts say could stabilize the market long-term but may also signal short-term fragility, according to a TradingView report.

The $110,000–$111,000 support zone, previously a key demand area in mid-October, is now under intense scrutiny. Bitcoin (BTC) retreated from a failed attempt to breach the $117,500 resistance level earlier this week, rolling below the 50-period moving average on the 4-hour chart, the TradingView report said. Below current levels, the 100-period and 200-period moving averages converge around $109,500–$108,500, forming a critical confluence of support. A decisive break below $108,000 could open the door to a test of $105,000 or even $102,500, according to technical analysts.

Meanwhile, on-chain data from Binance highlights fading bullish alignment, according to a Crypto.news report. The exchange's cumulative volume delta (CVD) indicator dropped to 0.777 in early November, down from October highs near 0.91. This metric, which tracks the relationship between buying pressure and price action, suggests that large traders are reducing demand despite stable pricing. Binance's Bitcoin reserves have also risen amid the recent pullback, a sign that institutional participants may be scaling back positions.

The market's structural shift toward spot trading has been a silver lining. Bitcoin's spot volume surged to over $300 billion in October, a sign of organic demand rather than speculative fervor driven by derivatives, the TradingView report noted. Markets driven by spot flows tend to be more resilient, as they avoid the volatility of leveraged positions and liquidation cascades. However, this trend has not translated into immediate price strength. The 24-hour spot volume hit $44.3 billion on Nov. 2, a 62.6% jump from the prior day, but derivatives open interest fell 1.22% to $69.8 billion, indicating short-term uncertainty, the Crypto.news report added.

Bitcoin's broader bearish case is reinforced by macroeconomic factors. The asset is now 14% below its all-time high of $126,080, set on Oct. 8, and has lost 12% in the past month. A sustained move above the $113,500–$114,500 range is needed to regain traction, with bulls targeting a retest of $117,500 and eventually the $120,000–$123,000 corridor, the TradingView report said.

The path forward remains uncertain. While spot-driven markets offer a foundation for durable bull cycles, technical breakdowns and declining institutional activity suggest further consolidation or a short-term correction may be imminent. Traders will closely watch the Fed's policy signals and whether the CVD indicator dips below 0.70, a threshold that could trigger a more pronounced selloff, the Crypto.news report warned.