Bitcoin News Today: ETF Outflows and Structural Resistance Stymie Bitcoin's $106K Breakout Bid

Bitcoin's price remains stuck below $106,000 despite robust whale accumulation and corporate buying, as on-chain data and market analysts highlight structural resistance and ETF outflows as key constraints. The cryptocurrency, which briefly surged above $106,000 following a $49.9 million purchase of 487 BTC by Strategy, has since failed to sustain momentum beyond this critical level.

Spot Bitcoin and Ethereum ETFs recorded combined outflows of $1.72 billion in the week ending Nov. 7, with BlackRock's IBIT alone accounting for $570 million of the drawdown according to reports. These redemptions, driven by year-end tax considerations and profit-taking, contrast with renewed interest in altcoins like Solana, which attracted $137 million in ETF inflows during the same period. Meanwhile, large whale movements have become a focal point: Onchain Lens reported that Bitcoin OG Owen Gunden transferred 2,401 BTC ($245 million) to Kraken, while long-term holders (LTHs) offloaded over 414,000 BTC in November, valued at $43 billion.

Glassnode analysts identified a dense supply cluster between $106,000 and $118,000 as a key barrier to price recovery. This range, where many investors exit near breakeven, has historically capped rallies. "Sustained recovery will require renewed inflows" the firm noted. Similarly, the cost basis distribution heatmap revealed that 417,750 BTC is held at an average cost between $106,000 and $107,200, reinforcing the resistance zone.

Whale activity, however, has shown mixed signals. While Strategy's latest accumulation pushed its total holdings to 641,692 BTC ($47.54 billion), other large holders have liquidated positions. Owen Gunden, who retains 2,499 BTC ($258.58 million) post-sale, and other OG whales have reduced portfolios amid profit-taking. Analysts like CryptoQuant's MorenoDV observed that new whales-short-term holders with large balances-are facing intense pressure as prices slip below their $110,000 cost basis, triggering $1.3 billion in losses between Nov. 4–9.

Despite volatility, technical indicators suggest resilience. Bitcoin's price has held above $102,000, with the Crypto Fear & Greed Index climbing to 69, signaling moderate optimism. Derivatives markets also show elevated open interest around the $115,000 strike, reflecting anticipation of year-end macro clarity. Meanwhile, stablecoin inflows rose 9% week-on-week, a precursor to increased spot buying.

Glassnode highlighted that Bitcoin's ability to rebound from the 75th percentile cost basis ($100,000) indicates short-term support, though the next major resistance lies at the 85th percentile ($108,500). A break above $107,000 would be critical to flipping this level into support, according to analysts like Daan Crypto Trades.

Bitdeer Technologies reported a 13% increase in self-mining Bitcoin output in October, reaching 511 BTC, while deploying SEALMINER rigs to expand its 41.2 EH/s hashrate according to reports. The firm's U.S. manufacturing preparations and AI cloud expansion underscore broader institutional adoption of blockchain infrastructure.

The market remains in a consolidation phase, with ETF outflows, leveraged position unwinding, and whale distribution posing near-term risks. Glassnode's analysis warns that without renewed institutional inflows or macroeconomic catalysts, Bitcoin could retest the $100,000 level. Conversely, a successful breakout above $108,500 could trigger a rally toward $110,000, supported by corporate buying and improved risk appetite.

As investors await clarity on the U.S. fiscal deadlock and year-end macro data, Bitcoin's trajectory will hinge on whether accumulation by strong-conviction whales and corporate treasuries can overpower distribution pressures from LTHs and ETF redemptions.

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