Bitcoin price today trades near $104,100, struggling to regain momentum after repeated rejections from the short-term EMA cluster and the mid-range Fibonacci zone. Despite a mild recovery, technical and flow data point to lingering bearish pressure as uncertainty over a potential December Federal Reserve rate cut keeps risk sentiment fragile.
Bitcoin price today trades near $104,100, struggling to regain momentum after repeated rejections from the short-term EMA cluster and the mid-range Fibonacci zone. Despite a mild recovery, technical and flow data point to lingering bearish pressure as uncertainty over a potential December Federal Reserve rate cut keeps risk sentiment fragile.
Data from Coinglass shows $56.25 million in net inflows to exchanges on November 12, suggesting mild distribution as traders moved Bitcoin back into circulation rather than accumulation.
This continues a broader trend of net outflows alternating with small inflows over recent weeks, indicating that market conviction remains weak.
Derivatives data highlights a subtle but meaningful shift in trader behavior. Total open interest rose 0.52% to $68.2 billion, while futures trading volume dropped 12.25% to $93.95 billion.
This divergence suggests new positions are being opened with lower conviction, possibly representing defensive hedges rather than outright longs.
The long/short ratio across major exchanges like Binance and OKX remains above 2.3, showing a continued bullish skew. However, with over $108 million in 24-hour liquidations—most of them long positions—the leverage buildup remains a vulnerability if price slips below short-term support.
If this imbalance persists, another wave of forced liquidations could accelerate downside momentum toward the next visible demand zone.
On the 4-hour chart, Bitcoin remains trapped inside a well-defined descending channel that has guided price action since early October.
Price currently trades just below the 20-, 50-, 100-, and 200-EMA cluster, ranging between $104,000 and $108,500.
Each recent rally into this zone has faced rejection, confirming it as a strong ceiling that must be cleared to shift the short-term structure.
Fibonacci retracement levels reinforce this view. Bitcoin’s rejection near the 0.382 level ($105,449) and repeated failures around the 0.5 zone ($107,490) show sellers defending with precision.
Immediate support lies at $102,924 (0.236 retracement), followed by the psychological $100,000 mark, while deeper demand may emerge near $98,850—the lower boundary of the descending channel.
The RSI sits in a neutral zone, reflecting indecision, while momentum remains flat. Until a breakout occurs above $107,500, the setup favors consolidation or a retest of lower support levels.
The Federal Reserve’s split over a December rate cut has injected fresh uncertainty into risk markets.
According to the CME FedWatch Tool, traders now assign a 66.9% probability of a rate cut at the December 9–10 meeting, down from prior expectations of near certainty.
Fed Chair Jerome Powell’s recent remarks that a cut “is not a done deal” further tempered optimism.
Analysts like Min Jung of Presto Research caution that even if a cut is confirmed, much of the optimism “may already be priced in,” implying limited near-term upside for Bitcoin unless liquidity conditions improve meaningfully.
Bitcoin remains at a crossroads.
