Bitcoin price today trades near $106,239, recovering from last week’s breakdown below the multi-month ascending trendline that supported the entire 2025 advance. Sellers drove price into the $100,000 to $98,500 demand zone, where buyers defended the level aggressively. Risk sentiment improved following Donald Trump’s latest remarks indicating the U.S. shutdown could end soon.
On the daily chart, Bitcoin is attempting to close back above the 20 and 50-day EMAs at $107,180 and $110,262. These moving averages now form an overhead resistance band that has rejected every rally attempt since late October.
The trendline break was the key shift. For nearly seven months, price respected the rising support line. Losing it signaled seller control and forced Bitcoin into its first major structural test since the August rally.
Key daily levels:
The current bounce is constructive, but price must clear the EMA cluster to shift control back to buyers. Until then, every short term recovery remains reactive rather than trend forming.
Spot flow data from Coinglass shows Bitcoin recorded $26.42 million in net inflows on November 10th, marking the first positive reading in days. A shift from outflows to inflows historically aligns with bottoms forming on higher timeframes.
Until spot flows return consistently positive, the market remains in a defensive posture. Traders are waiting for confirmation that the current bounce is being supported by real demand rather than short covering.
Bitcoin derivatives data shows traders moving back into the market. According to Coinglass:
The rise in open interest indicates new positions are being opened rather than closed. The long short ratio currently favors bulls, with top traders on Binance holding 2.09 long positions for every short position. This positioning suggests that traders are betting on a sustained recovery instead of anticipating a deeper drawdown.
Price is currently retesting the underside of the broken trendline. If buyers cannot reclaim it, the retest becomes validation of a new downtrend.
Key read on structure:
Supertrend remains red on the daily chart, which signals that the short term structure favors sellers unless price breaks back above $111,000.
Bitcoin sits at a decisive point. The support zone at $100,000 to $98,500 is still intact, and derivatives traders are positioning for upside. The spot flow reversal adds early confirmation that selling pressure may be slowing.
Bearish case:
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