This content originally appeared on DEV Community and was authored by Alex Navarro
Bitcoin’s recent decline below the $108,000 mark places the asset at a pivotal point. The broader market is questioning whether this is a temporary correction or the beginning of a more substantial downturn. Caution from Federal Reserve Chair Jerome Powell and renewed uncertainty regarding a potential rate cut in December have contributed to a shift toward risk aversion. While retail participants remain hesitant, institutional investors appear to be positioning for the next move.
What Triggered the Pullback
The Federal Reserve’s 25 bps rate cut was largely anticipated and already reflected in asset prices. However, Powell’s emphasis on a “data-dependent” approach during the latest FOMC meeting dampened expectations for additional easing this year.
This stance drove capital flows back into U.S. Treasuries and strengthened the dollar, resulting in higher yields and downward pressure on Bitcoin. The outcome was a rapid liquidation of leveraged long positions and a notable cooling of the bullish momentum seen throughout the summer.
Technical Outlook for November
Bitcoin currently trades just above a key support zone between $107,200 and $106,600.
Key indicators show:
- RSI below 50 → weakening momentum
- MACD bearish crossover → potential short-term downside pressure
A daily close below $106,600 could open the path toward $104,000, while a rebound above $110,500 may pave the way for a test of the $114,000–$116,000 range.
Market Sentiment and Outlook
Trading volume suggests that selling pressure is subsiding. On-chain data also indicates potential whale accumulation, a signal that volatility could soon stabilize.
If macro conditions improve and the Federal Reserve’s narrative turns less restrictive, a recovery rally could emerge before mid-November.
The next few sessions will be crucial. Whether Bitcoin can defend the $108,000 support will likely determine the market’s direction heading into Q4. Institutional players are positioning for a rebound — if their analysis proves correct, this phase could represent one of the last favorable entry points before the next upward cycle.
This content originally appeared on DEV Community and was authored by Alex Navarro