Bitcoin Price Prediction: BTC Slides as Mt. Gox Moves $956M and Derivatives Cool

Bitcoin continued to slide early this week as selling pressure intensified across spot and derivatives markets. Price action on the 4-hour chart shows the asset moving steadily along the lower Bollinger Band and trading well below the 9-EMA.

This structure confirms that sellers remain in full control. Moreover, broader market flows, including renewed outflows and a sizable transfer linked to Mt. Gox, have added fresh uncertainty. These combined signals present a challenging backdrop as Bitcoin tests critical support near the $89,000 zone.

Bitcoin is attempting to hold the 0% Fibonacci retracement area near $89,374. This level marks the final major support from the recent decline. Any sustained close below this zone opens the door to deeper losses.

Hence, the market is watching this region closely. Short-term resistance sits near $92,327 at the 9-EMA. The next barrier follows at $94,283 around the 20-period SMA. Price needs to reclaim these levels before any momentum shift occurs.

Besides this immediate cluster, the chart outlines several recovery targets. The 0.236 Fibonacci line aligns near $98,110 and may attract sellers again. The next level stands at $103,514, which represents a former consolidation area.

The midpoint of the entire move sits at $107,881 and signals a possible trend shift if reached. The most important threshold remains $112,249 at the 0.618 level. A break above this zone would indicate a broader recovery. Until then, rallies remain corrective and face pressure.

Bitcoin’s futures open interest eased to $66.66 billion as price hovered near $92,134. The recent decline from levels above $80 billion shows traders reducing leveraged exposure during the correction.

Additionally, open interest continues moving with price, which suggests both long and short positions are unwinding. Hence, volatility remains elevated. Stabilization above $90,000 may allow open interest to rebuild. However, another price leg lower could trigger more deleveraging.

Spot flows tell a similar story. Outflows continue to dominate, with frequent large red prints showing persistent selling. The latest notable outflow of $416.57 million on November 18 aligned with price weakness near $91,335.

Moreover, inflows remain short-lived and small. Consequently, investors continue reducing exposure across Q3 and Q4, signaling elevated caution.

Market sentiment weakened further after a new transfer linked to Mt. Gox. The exchange 10,608 BTC worth about $956 million late Monday. The transfers went to two separate addresses. This activity revived concerns about additional supply entering the market. Moreover, the timing added pressure as Bitcoin traded near multi-week lows.

Key levels remain well-defined as Bitcoin continues to trade within a broader corrective structure.

The technical picture shows BTC grinding along the lower Bollinger Band while forming a sequence of lower highs and lower lows. Price remains compressed inside a declining channel, where volatility continues to narrow. This tightening structure often precedes a decisive expansion phase in either direction.

Bitcoin’s short-term trajectory depends on whether buyers can defend the $89,374 zone long enough to mount a challenge on the $92,327–$94,283 resistance cluster. Technical compression and persistent deleveraging suggest volatility could increase soon. If inflows return and BTC clears $98,110 with conviction, price may extend toward $103,514 and even $107,881 as momentum strengthens.

Failure to hold $89,374, however, risks triggering another wave of downside. That scenario exposes lower liquidity zones and could accelerate the existing downtrend. For now, Bitcoin sits at a pivotal point where market flows, derivatives positioning, and reclaiming early resistance levels will decide the next major move.