Bitcoin News Today: Whales Stake $20M Bets on Bitcoin's Near-Term Rebound

Bitcoin faces a pivotal moment as top traders bet on a near-term rebound despite a recent pullback below $110,000. On-chain and derivatives data from Hyperliquid, analyzed by Lookonchain, reveal aggressive long positions from whale accounts, signaling conviction in a potential recovery. Trader 0x9553 opened a 40x leveraged position on 179.59 BTC (~$19.94 million), while a new wallet deposited $1.95 million in USDC to go long on 4,743 ETH (~$18.71 million). These moves underscore the belief that the FOMC-driven dip may be a temporary correction rather than a structural bearish shift, according to a Coinpedia analysis.

Technical indicators add nuance to the outlook. Bitcoin's price has dipped near the $108,000 support level, with the daily RSI below 50 and a bearish MACD crossover suggesting weakening momentum. A sustained break below this range—between $107,200 and $106,600—could accelerate a drop toward $104,000, where historical demand may reemerge. Conversely, a successful defense of $108,000 and a retest of $110,500 resistance could see Bitcoin challenge $114,000–$116,000 levels by mid-November. However, a failure to hold above $100,000 would represent a psychological and technical breakdown, the Coinpedia analysis noted.

The market's trajectory also hinges on macroeconomic clarity. While leveraged long positions and whale accumulation have stabilized sell pressure on lower timeframes, volatility remains high. Trader 0xd260, known for an 83.72% win rate and over $2.6 million in profits, added a 40x long on 62 BTC (~$6.88 million), reinforcing the narrative of strategic accumulation during dips. Analysts caution that a deeper decline could erode short-term confidence, but a swift rebound could reignite the bull market if macro conditions improve and FOMC-related anxiety subsides, as the Coinpedia piece observed.

November's outcome will likely depend on whether institutional buyers and macroeconomic catalysts align with the current on-chain activity. While the path to recovery is fraught with risks, the aggressive positioning by top traders suggests that this pullback may be a setup rather than a structural reversal.